Used Market Inflates
Most segments have seen steady price increases this year amid tight supply, trade tariff effect.
Average used car prices are up 1% this month to $18,234, though they’re down year-over-year by the same rate, Carfax reported.
Pexels/Richard Taveira
Used-vehicle prices are on the rise as supply remains constrained, pickup truck prices surging the most this month.
A Carfax report shows the average used truck price has spiked almost $1,100 in June, or 3% to $34,420 for its biggest jump since May 2023.
The inflation trend is being observed in other segments, including hybrids and electric vehicles, whose average price has surged more than $2,300 since January, according to Carfax’s used-vehicle listings. It said the segment saw an average $850 price bump this month alone, or about 3% to $31,494.
Used cars, meanwhile, are up 1% this month to an average $18,234, though they’re strangely down year-over-year by the same rate.
Used SUVs are up about the same rate to $24,082. And luxury cars and SUVs are up about 2% to $30,574 and $35,185, respectively, Carfax said.
Going against the grain, minivans actually fell in price this month by an average of 1% to $22,478.
Like other market watchers, Carfax has observed reserved consumer demand in the past couple of months following the early spring shopping surge as many people rushed to buy before U.S. trade tariffs could affect prices.
Originally posted on F&I and Showroom
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →