- The average American used car buyer paid $25,287 last month, down about 1% from the month before.
- Analysts blame softening SUV demand, even before gas prices began to climb.
The average used car buyer in America paid $25,287 in February, down 1.1% from January’s prices.
The data come from vAuto, a company that provides much of the software that powers car dealership operations. Kelley Blue Book parent company Cox Automotive also owns vAuto.
Cox Automotive analysts write, “The month-over-month decline was most likely driven by continued price softening in SUVs, which accounted for nearly half of all used vehicles sold in February.”
Related: Is Now the Time to Buy, Sell, or Trade-In a Car?
That trend could accelerate in March, as gas prices began rising sharply after the start of the current Iran war, which began as February ended.
Used car sales typically accelerate this time of year as Americans begin receiving tax refund checks. Dealers enter tax refund season with 1.6% more cars on hand than they had this time last year.
Related: New Cars Got More Expensive in February
But the most affordable used cars remain the hardest to find. Dealers have just a 31-day supply of the older, higher-mileage used cars they can profitably sell for under $15,000, nine days below the industry average used car supply.
Ford, Chevrolet, Toyota, Honda, and Nissan together accounted for nearly 50% of all used vehicles sold last month.
