Prices for popular used SUV models have dropped nearly 15 percent in the past two years, according to a new report from CARFAX.
SUV prices are down 14.7 percent or $3,960 since July 2022 at $23,040 in the CARFAX Used Car Index for August.
“These remain popular segments, but clearly there have been enough of them to help drive their costs down over the past 2 years,” said CARAX Editor-in-Chief Patrick Olsen in the report. “The average price of used non-luxury SUVs seems ready to drop below $23,000 for the first time since we launched the Carfax Used Car Index. The average price of used Luxury SUVs nearly hit $40,000 two years ago, but now they are going for an average of just under $34,000.”
SUVS are one of several segments to see significant drops in prices since July 2022. Used vans and minivans are down 16 percent, from $26,000 to $21,851. Cars fell from $20,617 to $18,226, 11.6 percent in the same period.
The largest drop in the past two years was with hybrids and EVs, falling 26.3 percent from $40,373 to $29,735.
“That may well be because gas prices have also tumbled since then, when the national average for a gallon of regular gas topped $4.27; it’s now roughly $3.50,” Olsen noted.
Pickup trucks have maintained their price, decreasing from $36,000 to $34,149 in the past two years.
