New Yorkers across the five boroughs are used to the idea that everything around them, from rent to food, is expensive, but one recent report shows the city that doesn’t sleep is actually affordable in one area — used cars.
According to an analysis released Tuesday by Autolist — a used car search engine and buyer intelligence firm — New York City has been ranked as the number one most affordable place in the state to buy a used vehicle.
The study revealed that used cars and trucks in the city were on average $881 less than New York state’s average and across the country, the city ranks as the 23rd most affordable city.
When analyzed by county, Manhattan came out as number one in the state with an average $1,710 below the state’s average. The Bronx was in third place with $988 less that the state’s average and Queens came in at number four with $965 less.
When it comes to different vehicle models in New York City, the most affordable model in the city is the BMW X4 with prices $1,879 below the state average — with Queens specifically being the most affordable county to purchase the particular model.
Other affordable models in New York City include the Dodge Ram 1500 pickup, Chevrolet Avalanche, Land Rover Range Rover Evoque and MINI Countryman.
Based on results from the study, the number of dealers in an area contributed largely to price differences. Other factors that affected prices include manufacturer community presence and geographic demands.
“In looking at the study's results for New York state specifically, we found that pricing trends that we saw at the national level were highly visible at the state, county and city level in New York state,” Alex Klein, vice president of data science for Autolist said. “Generally, high-density areas with more dealerships have lower prices, as there are more dealerships and as a result, more competition, which then drives down prices.”