- The average used car sold for $25,945 in October, up $56 from the month before
- Prices now sit 2% higher than a year ago
The average used car listing price increased by $56 in October, ending the month at $25,945. Though the month-to-month increase is tiny, prices are up 2% from one year ago.
Used car prices have seen lower inflation than new car prices because some of the factors driving up new car prices — such as tariff costs — don’t affect the used market.
Related: Is Now the Time to Buy, Sell, or Trade in a Car?
The nationwide supply of used cars remained steady during the month. Dealers began and ended the month with about a 48-day supply of used cars to sell. That’s historically low, but typical for the post-pandemic era.
Supplies have been slightly constrained since the height of the COVID-19 pandemic, when shutdowns and supply chain problems resulted in automakers building about 8.1 million fewer cars than they otherwise would have.
Dealers remain short on the older, higher-mileage used cars they sell for under $15,000. The average dealership has just a 34-day supply of those. The top five sellers of the month were listed at an average price of $24,037, more than 7% below the average listing price for all used vehicles sold. Once again, Ford, Chevrolet, Toyota, Honda, and Nissan were the top-selling brands, accounting for 50% of all used vehicles sold.
