Led by hybrids and EVs after the expiration of the clean vehicle credit, most used vehicle segments saw a drop in prices in November.
Used hybrids and EVs fell by nearly $600 or 1.8 percent from October, according to the December CARFAX Used Car Index. In the Northeast, hybrids and EVs fell by nearly $800 in price.
“A big reason for that is the elimination Oct. 1 of the federal tax credit of up to $4,000 per model for buying select hybrids and EVs,” CARFAX noted. “That lost incentive has led to a fall in sales for those models, and that is why we’re seeing their prices also fall. As demand drops, typically so do prices.”
Cars, SUVs and trucks also saw price decreases between 0.6 and 0.8 percent. SUVs were down 0.8 percent or $200 to $23,876. Cars, including sedans, hatchbacks and wagons, fell $100 to $18,439. Trucks experienced a 0.6 percent drop to $34,211.
“After hybrids and EVs, the average price of used pickup trucks fell the most. They were down more than $200 in November,” CARFAX reported.
Truck prices ranged widely across the nation. In the South (Georgia, Florida, Alabama, Mississippi, Louisiana and Arkansas), truck prices fell $800. They were up $100 in the Plains (Oklahoma, North Dakota, South Dakota, Nebraska, Kansas, Idaho, Wyoming and Montana).
