The Carfax Used Car Index shows prices are declining across the board in all of the categories that it tracks. One of the biggest drops this month is among Hybrids & EVs. The average price of those in Carfax listings has dropped by $600 since last month and more than $9,000 since this time last year.
Carfax states it’s far and away the biggest decrease it has seen over the past 12 months. The average price for them is down more than 22% from a year ago.
Here’s how much the average prices of other vehicle segments have fallen since last month:
Vans & minivans are down about $300 on average in Carfax listings
SUVs are down by roughly $250.
Luxury cars are down about $100 from last month, but their average price is down more than $4,000 from a year ago.
The average price of cars (sedans, coupes, hatchbacks, and wagons) is also down about $100 since last month, but it’s still hovering right around the $20,000 mark it’s been at for most of the past year.
Along with the average prices in each category, there are also drops in the average penalty for damage in several categories. Carfax values have fallen in recent weeks, so it makes sense that the difference due to damage would decrease along with them.
Most likely, used car prices will continue to decline with EVs being hit the hardest. When buying a car, knowing where the market is heading is often overlooked. Having a solid game plan prior to purchasing a car will save you money and avoid buyer’s remorse. Let us help you navigate the many variables that need to be considered and understood to ensure your next purchase is a great one.
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