After reaching record highs last year, used car prices continue to fall according to the latest study from iSeeCars. Through February 2023, overall prices have dropped 4.7 percent since September 2022. Year-over-year, the difference is even greater at 8.7 percent. Over 1.8 million used vehicle sales of models ranging from one to five years old were analyzed for the study.
With the exception of a sharp jump in December, the study shows a decreasing trend over the last six months. The average used-car price was $33,368 in September, compared to $31,815 for February. Last year, the average cost was $34,839. However, the study notes that, despite the decrease, current prices are still higher than they were before the COVID pandemic.
