Used Car Prices Begin to Fall from Record High

As new vehicle prices continue to rise, Edmunds offers strategies for prospective used vehicle buyers to navigate the market.

Used car prices, while still high, have begun to fall from last year's record high, with the average transaction price for a used vehicle at $28,935 in the third quarter.
New vehicle prices continue to rise, making used vehicles more appealing for shoppers on a smaller budget.
Edmunds suggests several strategies for prospective used vehicle buyers, including comparing prices online, broadening search parameters, considering different types of vehicles, getting preapproved for an auto loan, maximizing the value of trade-ins, and considering certified pre-owned vehicles.
Despite the falling prices, most used-car shoppers will have a more difficult time finding the deal they want in 2023 and 2024.
Edmunds advises buyers to make a few compromises on the type of vehicle they want, research how much their trade-in is worth, and compare interest rates and local prices to feel better about their purchase.