With tax season in full swing, used vehicle prices for many models.
The February Used Car Index from CARFAX showed prices increasing for vans, hybrids and EVs, luxury cars and luxury SUVs. The increases for those models were between 0.1 and 2.7 percent. Van prices soared in February by 2.7 percent, $600, to $21,734.
“We saw prices drop low in January — normal for that time of year — and now we’re starting to see prices climb in select categories. That’s normal for this time of year; as more Americans get their federal and state income tax returns, many will use those towards their next car purchase, new or used,” CARFAX reported.
With the One Big Beautiful Bill passed by Congress last year, tax refunds have increased. CARFAX expects to see a rise in demand for some models through the end of tax season as a result.
“We know, increased demands can lead to increased prices. We’ll keep an eye out for those in the next couple of months,” CARFAX noted.
Three models did not see price increases in February. SUVs stayed at $23,051. Cars dropped in price by 0.6 percent to $17,830. Pickups were also down slightly, 0.2 percent, to $33,161.
Hybrids and EVs rebounded after prices slid due to the curtailment of the clean vehicle credit. Hybrids and EVs saw prices climb in February by $200 or 0.7 percent.
