What happened to the $20,000 used car?

If you've been shopping for a used car lately and wondering why your money doesn't seem to go very far, you're not imagining it.On a recent episode of “The Drive,” my co-host Karl Brauer and I looked at just how much the used-car market has changed since before the pandemic. Karl is executive analyst at iSeeCars, which tracks vehicle prices, and one number jumped out immediately.A 3-year-old Hyundai Elantra that might have cost $12,000 or $13,000 in 2019 is now around $24,000.The average price of a three-year-old used car has risen 38% since 2019. That's roughly $9,000 more for a car of the same age.That's a lot. But another number may tell you even more about what has happened to ordinary car buyers.Going olderIn 2019, a $20,000 budget put nearly half — 49.5% — of all one- to five-year-old used cars within reach. Today, that same $20,000 gets you access to just 11.4%.And if you can't increase your budget, there's really only one place to go: older.In 2019, you only had to look at cars about four years old before a majority of the used market fell below $20,000. Today, you have to go back about seven years. Edmunds is seeing the same thing. Its second-quarter 2026 data found that a $10,000 to $15,000 budget now buys a used vehicle averaging 8.7 years old and nearly 98,000 miles. In 2019, that same money bought a car averaging just 4.7 years old with about 58,000 miles. In other words, the same budget now gets you a vehicle roughly four years older with about 40,000 more miles.RELATED: This used-car odometer scam is everywhere — and impossible to detect CBS Photo Archive/Getty ImagesNot the sameThere's nothing inherently wrong with buying a seven- or eight-year-old car. I've owned plenty of older vehicles, and a well-maintained car can have years of life left in it. But you're not buying the same thing. Mileage is probably higher, maintenance history matters more, and repairs that aren't much of a concern on a three-year-old car start becoming part of the equation.Karl gave me a couple of examples that put the change in perspective. A three-year-old Hyundai Elantra that might have cost $12,000 or $13,000 in 2019 is now around $24,000. A comparable Toyota Camry went from roughly $14,000 or $15,000 to about $24,000.I still tell people to consider used or certified pre-owned before automatically buying new. Used cars can offer tremendous value, particularly because somebody else has already absorbed that initial depreciation. But “buy used” isn't enough advice in today's market.Know your worthKnow what the vehicle should be worth. Look at its history. Find out what maintenance has already been performed and what expensive service may be coming. If a seller can't provide satisfactory answers about the condition or maintenance of an older vehicle, be prepared to walk away.And don't let today's prices convince you that spending $20,000 means you're buying the kind of car $20,000 bought a few years ago. That's the real problem with the current market.The price may look familiar. The car attached to it isn't.