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Used Car Price Trends for 2024 (Updated Weekly)

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Last updated Feb 22, 2024

Prices on the used car market are gradually falling as we begin 2024. Furthermore, inventory is declining as dealers balk at the prospect of buying overpriced cars at auction. With used car prices remaining volatile, it’s never been more important to track the value of your car.

So far in 2024, we’ve seen 8 consecutive weeks of dropping prices. It’s true that used car prices are falling more slowly than we saw over much of 2023. However, some used car segments are falling faster than others.

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👉 Bookmark this page. Each week we’ll update this URL with the latest used car price trends. Our hope is that by being informed of the trends in used car prices you can make smart financial decisions about when to trade-in, sell, or buy a car.

We also track new car prices. See the latest monthly update here.

Without further ado, let’s dive in.

Used Car Prices – February 2024 Update

What types of used cars are dropping, which are increasing? Is now a good time to buy a used car? Should you sell your car now, or wait for prices to go back up? Let’s answer those questions and more.

According to the latest used car market data from Black Book, the used car market is dropping at wholesale markets. When will retail used car prices drop? We’ll get into that below. First, let’s take a closer look at wholesale prices last week.

Is the car bubble bursting? Let’s look at the data.

used car prices in February 2024

The overall wholesale used car market saw prices decrease -0.23% last week. The week prior, prices fell -0.26%. Used car prices appear to be stabilizing. That’s not necessarily a good thing, as used car prices remain far higher than in years past.

Used car prices (wholesale)

The overall car segment decreased by -0.17%, compared to -0.18% last week. Near-luxury car prices decreased the most (-0.51%). Compact car prices have fallen -15% at wholesale auctions in the past few months.

February 2024 Car Price Trends. Source: Black Book

Used Truck Prices (Wholesale)

Truck prices are falling to start 2024. The overall truck segment decreased -0.26% last week, compared to -0.29% the week before.

Almost all SUV and truck segments saw price decreases last week. Crossovers saw the biggest price drops last week. Van and luxury crossover prices continue to fall more quickly than other segments.

February 2024 Truck/SUV Price Trends. Source: Black Book

Since the onset of the pandemic, full-size vans have appreciated more than 60%. Now, we’ve seen wholesale full-size van prices drop -20% in the past six months.

Full-size truck prices were the most stable in 2023, but are now dropping quickly as new truck inventory drives competition with the used truck market. Truck prices dropped over 3% at auction last month alone. Considering how high truck prices average, this amounts to thousands of dollars of lost value.

Retail used car prices are falling slow and steady

In 2024 (black), retail used car prices are falling.

As the data above shows, retail car prices are slowly but steadily dropping. In fact, in late 2023, retail used car prices eliminated the year’s overall gains, returning to where prices were when 2023 began.

Hybrid and EV prices remain elevated above the overall market, but the gap is narrowing. The average transaction price for an electric vehicle is now 16.7% higher than the overall market. That’s less than the 20% premium for EVs we saw early in 2023.

Here’s our monthly update on EV prices.

Used Car Inventory – Retail Markets

Used car days to turn - 2024

The graph above shows that used car inventory is falling as dealers hesitate to take on more inventory. Used car days-to-turn is now at a five-year high. Car buyers are holding off on purchases as used car interest rates soar well beyond 14% APR.

New Car Price Trends (Monthly Updates)

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Older used cars have appreciated most

A new phenomenon we have begun tracking is that older used cars are appreciating more rapidly than younger used cars.

older model used car prices
*Data as of April 2022

This is primarily a function of consumer demand. Retail customers that want to purchase a car at a sub $20,000 price-point are being forced to look at older used vehicles because the new ones have increased in value beyond their budget. This is scary, crazy, and a whole host of other words.

How much did used car prices increase in 2021?

Depending on who you ask (Cox Automotive, Edmunds, CarGurus, or Black Book), retail used car prices increased anywhere from 32% to 36% in 2021.

black book 2021 used car price trends

Black Book shows a 35% increase in retail used car prices for 2021 (the purple line). For comparison, the orange line shows a 7% appreciation for used car prices in 2020, and the blue line shows a 3% depreciation of used car values for 2019.

Here’s a month-over-month table showing used car price trends for 2021:

MonthAverage Used Car Price
January$22,112
February$21,573
March$21,343
April$22,568
May$24,414
June$25,101
July$25,500
August$25,890
September$26,548
October$27,067
November$27,569
December$29,000

This data, supplied by Cox Automotive, shows the incredible ascent used car prices took in 2021.

Every used car has two prices; the wholesale price, and the retail price. As consumers we typically concern ourselves with the retail price, and with good reason, unless you have a dealer’s license you can’t buy a car wholesale at an auction.

That being said, wholesale used car prices are the lifeblood of car dealers, and the used car price trends we saw on the wholesale side in 2021 were truly unfathomable. While retail used car prices increased ~36% in 2021, wholesale used car prices rose 52%.

black book 2021 wholesale used car price trends

There is an obvious interplay between wholesale and retail prices. As wholesale prices increase, we can expect retail to prices to do the same.

Interactive data

Thanks to our friends at foureyes, we can share with you this real-time updating data set on used and new car prices.

3 Comments

  1. Kapono Kamuela

    How will the recent hurricane be affecting auto prices on the used car market. Will there be concerns over cars that may have been declared a total loss on the used car market?

    Reply
  2. Anthony

    My vote is definitely team Pops/reality
    I like to be an optimist but these are most extraordinary times and the economy being the way it is and God knows getting worse I don’t see the used car market (far more affordable than new cars) going anywhere but up.

    Reply
  3. Phirum ley

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