A staggering national trend highlights the overarching shift. Used cars under $20,000, which once constituted 49.3% of the entire used car market in 2019 prior to the pandemic, have plummeted to a mere 12.4% in 2023.
The price cuts that Tesla operated in January are still taking a toll on legacy carmakers, as car dealers find it more challenging to sell new EVs. Altho.