Used Car Prices Falling Slightly on Many Vehicles


used car price trends

 

If you’ve been waiting to buy a used car or vehicle for your business, that patience may be paying off. The price of a used car, a used van, and a used pickup truck is coming down ever so slightly.

According to the latest from the CarGurus Used Car Price Index, the average price of a used vehicle in the US right now is $30,488. That’s down six-tenths of a percent from last month and down nearly eight-tenths of a percent over the last 3 months.

Still, that average price is 7.44% higher than it was last year.

Used Car Prices Trends – September 2022

The price on a used vehicle that’s most likely to be purchased by small businesses is coming down slightly, too, a little more than the average.

But again, used car prices continue to be way up over 2021 listing prices.

For instance, if your business is looking for a used van, the average cost right now $34,208. Now, that’s down 1.4% over the last month and 2.24% cheaper than the price 3 months ago.

But the price of a used van today is nearly 30% higher than in 2021.

The price of a used pickup truck is up, too, over last year but not as severely. They’re 2.42% over last year’s price but down 1% over the last 90 days.

A Jeep thing?

While the cost of a used car is trending down, even if just slightly, that’s not the case on all vehicles.

Convertibles, for instance, are up over last year and the price keeps going up. More practically, the same can be said for hatchbacks, up 14% over last year and still counting.

Another popular vehicle for many small business owners may be a Jeep. And if you’re in the market for a used Jeep right now, prepare to pay. The average cost is $29,124 for a used Jeep. That’s up about 16% over last year and the cost is spiking now, too. In the last month, the price is up almost 7%.

 

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Joshua Sophy Joshua Sophy is the Editor for Small Business Trends and has been a member of the team for 16 years. A professional journalist with 20 years of experience in traditional media and online media, he attended Waynesburg University and is a member of the Society of Professional Journalists. He has held roles of reporter, editor and publisher, having founded his own local newspaper, the Pottsville Free Press.

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