The number of miles per dollar paid per year has dropped by almost 25 percent since 2006, according to data from auto sales data firm Edmunds.
The number also dropped by over half from the year before.
This year, however, car prices have come down, according a Reuters analysis of data from the Bureau of Economic Analysis.
The analysis found that a 2014 Chevrolet Cruze sedan, which starts at $29,400, will sell for just $11,400 more in 2019, as compared to the previous year.
The same sedan will cost $17,900 in 2019.
While the cost of a new car is a primary reason for the price drop, the new vehicles have also made a comeback, with the average price of a 2018 Volkswagen Golf going up by nearly $3,000.
“There’s a lot of money to be made in new cars.
The challenge now is getting new vehicles on the market,” Edmunds managing director and vice president of automotive research Richard Smith told Reuters.
In the last decade, the number of new car sales in the U.S. has dropped dramatically, with just 11.3 million new vehicles sold last year, according in a report from the Federal Reserve Bank of St. Louis.
The U.K. and Australia have the highest per capita ownership of new cars at nearly 25,000, according the National Association of Manufacturers.