Used-vehicle prices jumped, on average, by $870 in May, with CARFAX reporting that every vehicle category increased in price from April by an average of 3.1% in its June Used Car Index.
Zooming in: Consumers looking for affordable options are increasingly considering used options.
While used vehicles range on average between $19,244 and $36,576 in the latest CARFAX report, Cox Automotive’s May vAuto data recorded new vehicle prices at $49,025.
“The continued high and rising price of new cars is driving folks to used. That extra demand is being reflected in higher prices,” Patrick Olsen, CARFAX Editor-in-Chief, told CDG.
By the numbers: The biggest mover in May was among hybrids and EVs.
Hybrids and EVs increased by $1,450 or 4.6% in one month.
The average price for used hybrids and EVs hit $33,258.
In the South Region, hybrids and EVs jumped more than $2,000.
“Hybrids and EVs are understandably booming in price because they’re more fuel-efficient, and they’ve been a great deal for a while, which makes them even more attractive right now,” Olsen said.
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On cars and SUVs: Car prices rose by 3.6% to $19,244. By comparison, car prices are up 7% in the past year. Luxury cars, meanwhile, are up 14.3% year-over-year.
SUVs also increased 3% in May, topping out at $24,901, and pickup trucks rose to an average of $34,941.
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