The rolling seven-day median average price for used cars is $25,800, with new car prices hovering around $44,500
Centreville, Va.—After several months of soaring car prices, the used car market is beginning to stabilize, according to the latest CARFAX data. Nationally, used car prices rose by about $50 in July, marking the smallest monthly increase in several months.
Average prices for vans and minivans saw a slight decline, while hybrid and EV prices remained flat, signaling a more balanced market heading into the second half of the summer.
According to CARFAX, the rolling seven-day median average price for used cars is $25,800, with new car prices around $44,500.
“While prices remain high, the overall rise in costs was much lower than in the past few months. The CARFAX Used Car Index shows prices for July rose just 0.1%, or about $50, over the previous month,” said Patrick Olsen of CARFAX.
“That’s down from a $350 increase last month and a $900 increase the month before. An increase in the supply of used cars is helping to ease some of the pressure. After a strong spring with rising car prices, we’re now seeing the market catch its breath.”
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