Average Used-Vehicle Prices Hit $26.6K in October Report
Running at 25% above average used vehicle prices from 1-year ago, Cox Automotive reported the increase in their October report.
Cox Automotive reported in August 2020 that the average used vehicle price surpassed $20,000 for the first time ever. The used-vehicle market has seen the average price trend increase weekly since spring 2021.
The reported inventory of unsold used vehicles on dealer lots in the United States has pushed higher to 2.3M in September. Trends indicate that used-vehicle inventory has been increasing through the summer of 2021, but declined by 3% YOY in September.