Shoppers for used trucks saw prices dive in August.
According to the CARFAX Used Car Index, used truck prices dropped $400 in August to $34,347. But it was not the model that saw the largest drop. The prices for vans and minivans plunged more than 3 percent, or $680, in August to $21,249.
The rest of the used market saw small changes in the CARFAX report, as inventory challenges and high interest rates continue to complicate the market.
“Shoppers are still demanding affordability, but the inventory is lower than in past years, which can drive prices up,” CARFAX reported. “Additionally, interest rates are ranging from around 7 percent to 14 percent, depending on a consumer’s credit score. They remain higher than they’ve been for the past 5 years, and that can make it harder for budget buyers to get a deal.”
SUV prices remained virtually flat at $24,030. Car prices increased 1.2 percent to $18,554.
