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Used vehicle prices fall in latest Carfax index

December 21, 2023

Incentives and increased inventory in the new car market are pushing down prices for used vehicles.

The December Carfax Used Car Index shows the impact, with prices dropping from $100 to $600 for all models.

“Because of these rising incentives, new cars become more appealing to car shoppers than used cars, whose loans typically come with higher interest rates. Prices dropped for every category that Carfax tracks in December, and it’s hard to tell at this point when the prices will level off again – or begin to rise,” Carfax reported.

Notably, pick-up truck prices dropped below $35,000 to $34,882. That is down more than $4,000 since May.

Used cars fell to $18,948 from $19,376 last month. SUVs were down to $24,428 from $24,854.

Hybrids and EVs inched closer to $30,000 at $30,810. The category is down nearly $6,000 in the past year.

NIADA Author

The National Independent Automobile Dealers Association (NIADA) is among the nation’s largest trade associations, representing the used motor vehicle industry comprised of some 40,000 licensed used car dealers. Since 1946, NIADA has represented the voice and interests of used car dealers at the federal level in Washington D.C. Coupled with its state association network across the country, NIADA’s grass-roots framework provides a dual layer of advocacy unmatched in the used motor vehicle industry. For 75 years, NIADA has engineered programs and leveraged technology to fulfill its mission to advance, educate and promote the independent used car dealer. NIADA members subscribe to a strict Code of Ethics of duty, honor and integrity, and believe in the advancement of small business in support of the free-market system. More information about NIADA, visit www.niada.com.