CARFAX shows increase in vehicle prices in March

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.

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