ROCHESTER, N.Y. — A new analysis of used car prices by iSeeCars.com may surprise you. It compared the percentage of affordable used cars in various markets. 

The report defined affordable as cars less than $20,000 and it ranked cities according to how much used car prices have fallen since last year. Rochester ranked #84 out of 190 cities, surprising considering the relative affordability of the Flower City.

Before I explain why, first let’s remember how we all got to this point. During the pandemic, we had a dramatic chip shortage which led to the production of fewer new cars. New car prices skyrocketed. So, folks bought more used cars and the price of those shot up as well. According to iSeeCars.com, from 2019 to 2023, used car prices shot up more than 40%.

Finally, prices are coming down but experts say they’ll likely never return to pre-pandemic prices. For example, iSeeCars.com ranked the vehicles with the biggest price drops in each metro area. In Rochester, the vehicle with the biggest one-year price drop is the Ram 1500. Today, the average price for this used truck in Rochester is $38,014. That’s down from almost $42,710 in 2023. But consider the fact that it was selling for $27,783 in 2019. So even though prices are falling, they’re still high. Today’s price is 37% higher than we paid in 2019.

But the study found prices are falling a bit more quickly in some large metro areas. Karl Brauer executive analyst with iseecars.com explained the phenomenon.

Karl Brauer: “Because of COVID, a lot of people were able to relocate. A lot of people were able to work virtually and not in major metro areas. So, that drove up the price of housing, as we all know, in these secondary markets. And it also drove up the things like cars, large ticket items.”

Deanna Dewberry: “So, what’s your advice to Rochesterians? Should they look for a car online where they might be able to find it cheaper?”

Brauer: “I’m a big believer in looking outside your search area. Most people live in a city or town and they look in that city or town for a car. That’s fine. That’s a great starting point. If you’re finding high prices and not finding the vehicle you want, expand your search.”

He says if you do decide to buy a car online, don’t forget your due diligence. Always get a vehicle history report and have the car checked out by a reputable mechanic.