Vehicle prices saw little movement in October, according to the new CARFAX Used Car Index.
In the latest report released Friday, most vehicle categories had approximately $100 difference in the price from September.
“That suggests prices have stopped falling,” said the CARFAX report. “Whether they’re going to bounce back or remain stagnant likely depends on where interest rates go next and the ongoing United Auto Workers strike. So far, new-car sales don’t seem highly affected by the strike. Luxury Cars are the only category to see an uptick in prices versus last month, up about $100.
“It seems clear we’re approaching a leveling-off period. The strike has put some pressure on new-car inventory, but consumer demand is lower because of those high interest rates.”
The average car price was $19,694, as the lone category under $20,000. It was down from $19,797 in September.
Pickup trucks were at $35,767. Popular SUVs came in at $25,097.
Hybrid and EVs had a slight dip to $31,606 from last month’s $31,720.
“Hybrid and EV prices seem to have bottomed out and are down only about $85 from last month. They’re still down the most of all vehicles from a year ago, about 17.5 percent,” CARFAX said.
