Used vehicle prices holding steady to start November

November 6, 2024

As November starts, used vehicle prices remain steady.

CARFAX’s used car index showed most vehicle categories rising or falling less than $100 in the past month. But the steadiness could be temporary, as CARFAX cautioned prices could soon be on the rise due to a drop in supply, increased demand and the impact of the recent hurricanes, which flooded an estimated 347,000 vehicles.

“Keep an eye out for those storm clouds. Their impact will arrive for sure, one way or another,” CARFAX noted.

The popular SUV was up about $98 in the past month to $23,503. Cars remain the only category under $20,000 at $18,573. Pickups saw a price increase of $70 to $33,423. Hybrids and EVs had a price increase of $56 to $30,540.

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.