Midway through the year, used car prices are running between $1,350 and $3,600 ahead of where they started 2026, according to CARFAX.
The details: In its July Used Car Index, CARFAX noted a 1.3% jump in prices in June.
That was a bit slower than the 3% spike in May.
And the overall price jump was about $350.
Hybrid and EVs lead increases: The increased price at the gas pump due to the conflict in the Middle East led to increased demand and prices for used hybrid and EVs.
Prices for hybrids and EVs are up 11.9% or $3,600 since the start of the year.
The average price in the category spiked $850 in June, reaching $34,117.
The Mid-Atlantic states saw prices for hybrids and EVs jump $1,400 in the past month.
“I think the volatility around oil and gas will keep hybrids & EVs popular at least through fall,” said CARFAX Editor-in-Chief Patrick Olsen.
In all categories: The hybrids and EVs weren’t alone in seeing prices jump over the first half of the year.
Cars had the smallest increase, at $1,350, over the past six months.
Pickups, luxury cars, and SUVs jumped $1,500.
And used vans and minivans are up $2,000 since the start of the year, settling in at $23,689.
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Takeaway for dealers: Demand on the used side is expected to remain elevated, and Olsen does not anticipate the higher prices on the used side to wane.
“With new car prices so high, and used inventory growing only slowly, I think demand should stay high for the foreseeable future,” he said.
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