As the new year has started, used car prices are still falling.
Prices in every vehicle model fell in December between 0.2 percent and 2 percent, according to the January CARFAX Used Car Index. Across the board, prices are down more than 2.2 percent in the past year.
CARFAX points out the new car market is impacting used vehicle prices.
“There are plenty of new cars available for shoppers after some lean years that were caused by supply chain issues. In fact, there are so many new cars available that incentives on new cars hit the highest level since the onset of the pandemic. That makes new cars more affordable and attractive to buyers and makes it harder for dealerships selling used cars to raise those prices,” CARFAX noted.
Comparing prices to December 2022, prices are down 7.8 percent for used cars. Prices in that time are down more than 11.6 percent for minivans and vans and 14.4 percent for hybrids and EVs.
To start January, used cars were at $18,176. SUVs were at $23,341. Pickup truck prices fell 2 percent in December to $32,554.
Hybrids and EVs started the year at $29,862.
