The prices of used sedans and coupes rose 1% during August, but still represent the only segment of vehicles under $20,000 in the latest CARFAX Used Car Index.
Driving the news: The September CARFAX report shows prices in the used car category, which included sedans and coupes, increased to $19,986.
That 1% jump was not even across the country, with prices in the segment up $120 in the Mid-Atlantic and down $250 in the Northeast.
While elevating in price overall, the used car category still represented the best value, with no other segment within $4,000.
CARFAX Editor-in-Chief Patrick Olsen points out that demand for the affordable options, which are harder to find with many automakers cutting sedans in the last several years, is helping to drive up the price of used cars.
Hybrid and EVs see price drop: For the first time since the start of the conflict in the Middle East and gas price increases, hybrids and EVs saw a decrease in prices.
Hybrids and EVs dropped 0.4% to $33,983 in August.
Prices in the category are still up 7.2% year-over-year.
Olsen said the decrease in prices of hybrids and EVs is “driven in part by the number of used vehicles coming in off of leases.”
Trucks and SUV prices slide: Pick-up trucks saw prices fall by 0.4% in August to $35,616, after growing by $400 or 1.1% in July.
Truck prices dropped $600 in the Plains and $460 in the Mid-Atlantic.
SUV prices also dipped, 0.2%, to $24,899.
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Bottom line: Two of the three vehicle segments to see prices rise in August, used cars and vans, were the lowest-priced options (vans $23,653), showing affordability is driving demand in the used space.
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