Used vehicle prices continue to fall according to CARFAX

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.

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