Used vehicle prices continued to decline in January.
CARFAX Used Car Index showed drops in nearly every category, including the average SUV price dropping under $24,000. SUV prices fell 3.5 percent in January to $23,708 from $24,428 in December.
“New car inventory is at its highest level in three years, and that means more low-interest financing and more cash-back deals from automakers,” CARFAX reported. “In turn, that is helping to drive down the cost of used cars. That drop has actually accelerated through the month of January, to the point where only pickup trucks cost more than a year ago, and, in that case, just barely. Average monthly prices have dropped anywhere from $400 to more than $1,000 month-over-month in every category. The high end of each category’s price range has also fallen by at least $1,000 as dealers act to move the most expensive used vehicles.”
Pickup trucks were up 0.9 percent to $34,059.
Used cars fell 1.3 percent to $18,545.
Hybrids and EVs dropped another 8.9 percent to $30,007.
