If you’re shopping for a used car this summer, you may have noticed something frustrating: Prices are climbing again. According to the latest Edmunds’ Used Car Report, the average transaction price for a 3-year-old used vehicle has reached $30,522. That’s up 2.3% from the same time last year and marks the first time since mid-2023 that this number has climbed back over the $30,000 mark.
Many people expected used car prices to cool off as new vehicle production recovered post-pandemic. But as the latest data shows, that’s not happening just yet — and shoppers should understand why.
