The soaring used vehicle prices of the spring slowed down in July, with prices only going up by $50, according to CARFAX’s August Used Car Index.
Driving the news: Used vehicle prices jumped $900 in May and $350 in June before the tapping of the brakes in July.
CARFAX credited an increase in supply, which, according to Cox Automotive, raised total available inventory from below 2 million in March to 2.14 million by the end of June.
Days of inventory grew from the high 30s to 47 days in the same span.
Prices for SUVs ($24,956), luxury cars ($34,324), and vans ($23,607) dropped in the past month, but by less than 0.5%.
Trucks prices grow: The biggest mover among segments was the pickup truck, which saw prices grow by $400 or 1.1%.
The average price for trucks was $35,746.
That price increase was even with prices falling for trucks by nearly $700 in the South and $200 in the Southwest.
EV and hybrids stay same: In the hybrid and EV category, prices were flat at $34,121.
Used hybrids and EVs jumped 11.9%, or $3,600, since the start of the year.
Additionally, the category saw an $850 spike in June.
In the Midwest, Northeast, and Plains, used hybrids and EVs saw prices rise between $350 and $700.
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Bottom line: While price increases have slowed, used vehicle prices remain elevated, with prices up between $1,300 and $3,600 since the start of the year.
“To be clear, used cars aren’t cheap, but this slowing of price hikes will be welcome news for almost every shopper,” said CARFAX Editor-in-Chief Patrick Olson.
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