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Used vehicle prices continue to fall according to CARFAX

November 29, 2023

Used vehicle prices continue to decline.

According to the December Used Car Index from CARFAX, prices fell between $100 and $500 in November.

“After a month where it looked like used-car prices had bottomed out, they’re now declining further – slowly, to be sure – across the board. When compared to the same time last year, it looks as though they will continue sliding into the spring months,” CARFAX reported.

Pick-up truck prices continue to see a noteworthy drop, falling to $35,387. The category has fallen $2,500 since May, when prices topped out at $38,000.

Used cars remain the only category under $20,000 at $19,376. The price for SUVs dipped under $25,000 at $24,854.

Hybrids and EVs saw a drop of $400 from October. Prices of hybrids and EVs are down from more than $36,000 in November 2022 to $31,255.

NIADA Author

The National Independent Automobile Dealers Association (NIADA) is among the nation’s largest trade associations, representing the used motor vehicle industry comprised of some 40,000 licensed used car dealers. Since 1946, NIADA has represented the voice and interests of used car dealers at the federal level in Washington D.C. Coupled with its state association network across the country, NIADA’s grass-roots framework provides a dual layer of advocacy unmatched in the used motor vehicle industry. For 75 years, NIADA has engineered programs and leveraged technology to fulfill its mission to advance, educate and promote the independent used car dealer. NIADA members subscribe to a strict Code of Ethics of duty, honor and integrity, and believe in the advancement of small business in support of the free-market system. More information about NIADA, visit www.niada.com.