Used Car Prices Surpass $30,000 For The First Time In Almost Three Years

The average used car price has climbed back over the $30,000 mark for the first time since 2023, according to a recent intelligence report from CarGurus.

This represents an 11% increase, amounting to over $3,000 more than the average used car price a year ago, which stood at $27,171.

The current average used car price is $30,200, with prices overall running 5.1% higher year over year.

The increase in used car prices can be attributed to various factors, including rising new car prices, tariffs, and inflation.

Additionally, people are holding onto their cars longer, with the average age of a car on the road standing at 12.8 years, resulting in a lower supply of used cars.

This combination of factors has led to a significant decrease in the number of vehicles priced at $25,000 or less, with only four new models currently offered at that price, compared to 36 models six years ago. As the average new car price continues to rise, it is likely that used car prices will follow suit.