{"id":944,"date":"2024-04-23T19:28:52","date_gmt":"2024-04-23T19:28:52","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=944"},"modified":"2025-05-05T10:25:26","modified_gmt":"2025-05-05T10:25:26","slug":"average-price-of-used-cars-in-u-s-drops-4-percent-year-over-year","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2024\/04\/23\/average-price-of-used-cars-in-u-s-drops-4-percent-year-over-year\/","title":{"rendered":"Cox Automotive: Average Price of Used Cars in U.S. Drops 4 Percent Year-Over-Year"},"content":{"rendered":"\n
\"Wholesale
According to a new report by Cox Automotive, the average price of a used car in the United States was $25,540, which represents a slight increase from the month prior but a 4 percent drop year-over-year.  File photo: ZikG, Shutter Stock, licensed.<\/em><\/figcaption><\/figure>\n\n\n\n

ATLANTA, GA – According to a new report from Kelley Blue Book parent company Cox Automotive, the used car market \u2013 formally a safe haven for cash-strapped consumers looking to save money as opposed to opting for more expensive new vehicles \u2013 continues to be far less affordable than it used to be. Used car prices are now 25 percent higher than five years ago, and ancillary services associated with it \u2013 such as loan interest rates and insurance prices \u2013 have skyrocketed.<\/p>\n\n\n\n

However, Cox Automotive\u2019s report shows<\/a> that there finally may be a light at the end of the tunnel; in March, the average price of a used car in the United States was $25,540, which represents a slight increase from the month prior but a 4 percent drop year-over-year.<\/p>\n\n\n\n

As tax return season allows many people the opportunity to shop for cars<\/a>, sales in the pre-owned market typically increase in the spring, a phenomenon that continued in 2024; Cox stated that in March the average used car dealership had a 46-day supply of vehicles to sell, and at the end of the month that supply had dropped to 44.<\/p>\n\n\n\n

However, even though the supply of used cars is now lower, it is not expected that prices will increase in the coming days and months given the fact that the amount of money that wholesale dealers pay at auctions for used cars to sell have dropped significantly recently, which Cox says is a sign that prices at retail are likely to decrease further, or at least stay at their current lower levels.<\/p>\n\n\n\n

Despite the fact that used car prices are lower now than they were one year ago, the most coveted vehicles \u2013 and thus, the most difficult to find at retail \u2013 are the least expensive options. At the end of March, dealers were left with merely a 33-day supply of vehicles priced below $15,000, which normally consist of older, higher-mileage models.<\/p>\n\n\n\n

Ford, Chevrolet, Toyota, Honda, and Nissan were the top five best-selling used brands in March, making up 49 percent of all models sold, with the average price coming in at $23,089.<\/p>\n","protected":false},"excerpt":{"rendered":"

ATLANTA, GA – According to a new report from Kelley Blue Book parent company Cox Automotive, the used car market \u2013 formally a safe haven for cash-strapped consumers looking to save money as opposed to opting for more expensive new vehicles \u2013 continues to be far less affordable than it used to be. Used car […]<\/p>\n","protected":false},"author":4,"featured_media":519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-944","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n