CARFAX shows increase in vehicle prices in March

March 27, 2024

The decline of used car prices has stopped.

According to the April report from CARFAX, used vehicle prices jumped collectively $100 from the end of February through March. This halted 10 months of falling prices.

“We knew it had to happen – used car prices have stopped their slide in most categories and are started to increase,” reported Patrick Olsen, the editor-in-chief at CARFAX.

He pointed out that inventory constraints from the pandemic and the seasonal spike in sales are contributing to the increase in prices.

Vans and minivans had the largest increase in the past month, jumping $500 to $22,850.

SUV prices increased $135 in March to $23,435.

Pickups rose from $33,635 to $33,715. Car prices were up slightly from $18,146 to $18,229.

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.