Used car prices fall in June

July 3, 2024

Used vehicle prices in several popular models took a tumble in June.

According to CARFAX’s Used Car Index for July, vans and minivans fell $375 and pickup trucks $320. SUVs were down $200.

“In June, the prices for vehicles best suited for families – SUVs, Vans & Minivans and, yes, even Pickup Trucks – saw the biggest decline in month-over-month prices,” said the CARFAX report.

Several other categories held steady. CARFAX noted more changes could be coming to the used vehicle market due to a lack of lease turn-ins and the increasing inventory on new car lots.

The average used car price at the end of June was $18,423. The price for SUVs were down to $23,229. Pickup trucks registered at $33,693.

Hybrid and EV prices fell about $40 to $29,802.

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.