Used vehicle prices took a substantial dip to start 2026.
Prices were down for nearly all categories in January, including popular SUV and truck models, according to the latest CarFax Used Car Index. SUVs and pickups were down nearly $600 in January, with luxury SUVs seeing a $1,040 fall.
“Although we saw price drops last January, they weren’t nearly as steep, and ranged from about $350 to $600. This year, they ranged from $200 to more than $1,000. But experience shows that an influx of tax-refund money will raise demand, and with it, prices,” said Patrick Olsen, CarFax Editor-in-Chief.
Vans and minivans were the lone category to see an increase, with prices spiking by $250 to $21,153.
Used cars dipped under $18,000 to $17,938 with a decrease of $200. Luxury cars fell $300 to $32,241.
Pickup trucks were down 1.5 percent to $33,328 nationally. In the Southeast, pickup trucks were down more than $1,000.
SUVs fell by 2.1 percent to $23,043.
Hybrids and EVs continue to fall in price, decreasing by 2.1 percent to $29,861.
