Used vehicle prices rose in May led by a surge in pickup truck and hybrid and EV prices.
According to the CARFAX Used Car Index, pickup truck prices jumped 2.1 percent in May to $33,342. It was an increase of $650 from April. Hybrids and EVs were up 2.6 percent to $30,639, a one-month rise of $750.
Overall, all seven segments followed by CARFAX were up at least 0.5 percent in May.
“Used-car prices are likely to continue upward for a while at least,” CARFAX reported. “New-car inventory has dropped because of the surge in sales in March and early April; while that momentum has slowed, there are fewer new cars on dealer lots than there were at the beginning of the year. In fact, the number of new cars on the lot fell 10 percent in April. When there are fewer cars to choose from, consumers often have to pay more to get what they want.”
Used cars were up 0.9 percent to $17,988. SUVs rose 0.7 percent to $23,868.
