Used vehicle prices stayed relatively flat during April.
Used vehicle prices were up by less than $100 in many categories, according to the May CARFAX Used Car Index.
“After falling down a steep pricing slope over most of the last year, the average used car prices on Carfax.com have – in most segments – flattened out, suggesting a return to ‘normal’ after a couple of years of upheaval in the market,” CARFAX reported. “We say ‘normal’ because prices are still running higher than historic levels, and the market is still being affected by fallout from the pandemic.”
The report contributed the flattening of prices were impacted by the excess new vehicle inventory. It added that the certified pre-owned market continues to see vehicles in short supply due to the lack of vehicles coming off lease from 2021.
“CPO cars will be harder to find as the year goes along, and that could raise prices for the late-model used vehicles,” CARFAX noted.
SUV prices were 7 percent behind May 2023, but up $89 from April at $23,524.
Car prices increased from April’s $18,229 to $18,420.
Truck prices jumped from $33,715 to $33,851.
EVs and hybrids are down 8 percent year over year and are at $29,623.
