Used car prices rise to highest point since summer 2023
CNBC • • business
Key Points:
- Cox Automotive's Manheim Used Vehicle Value Index rose 6.2% year-over-year in March, reaching its highest level since summer 2023 due to tight supply and strong demand.
- Despite geopolitical tensions and high gas prices, demand for used vehicles remains robust, with days' supply falling below 40 days, the lowest since 2026.
- Retail prices for used vehicles are expected to increase about 2% this year, with the average listed price at $25,287 in February, significantly lower than new vehicle prices averaging over $49,100.
- Cox Automotive slightly raised its 2026 used vehicle sales forecast to 20.4 million but projects a 1% overall decline compared to 2025, as softer sales in the second half of the year offset early demand.
- Stronger demand for used vehicles is driven by affordability pressures on new cars and limited trade-in supply, while the new vehicle market is expected to reach about 15.8 million units in 2026.
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