Used Car Price Trends for 2023 (Updated Weekly) (2023)

In 2021, unlike any other time in history, used car prices increased. What used to be a depreciating hunk of metal was an appreciating asset, but the car price bubble wasn’t sustainable in the long term. Since June 2022, used car prices have been declining, slow and steady. With used car prices in 2023 remaining volatile, it’s never been more important to track the value of your car.

As we kick off 2023, we’ve now seen 27 consecutive weeks of used car prices dropping at the wholesale level. Used car prices are going down, as you’ll see in the latest data below.

Used car prices in 2023 will continue to decrease. Higher interest rates combined with greater new car inventory will continue downward pressure on used car prices.

Get the most when you sell your car.

Compare and choose multiple offers in minutes:

👉 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.

Without further ado, let’s dive in.

Contents hide

1 Get the most when you sell your car.

2 Used Car Prices – January 2023 Update

2.1 Car prices are going down. Is the car bubble bursting? Let’s look at the data.

(Video) Used Car Market Update Feb 2023

2.2 Used car prices (wholesale)

3 Retail used car prices are finally declining

3.1 Older used cars have appreciated most

3.2 Is now a good time to buy a used car?

3.3 When should I sell my car to get the most money?

3.4 Get the most when you sell your car.

4 How much did used car prices increase in 2021?

5 Used van prices increased the most

(Video) An Update on the Used Car Market | February 2023

6 Wholesale used car price trends are even crazier

7 Interactive data

Used Car Prices – January 2023 Update

As of January, used car prices declined (at wholesale auctions) for 27 weeks in a row. Retail prices are dropping, but are lagging several weeks behind wholesale trends.

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.

Car prices are going down. Is the car bubble bursting? Let’s look at the data.

Used Car Price Trends for 2023 (Updated Weekly) (1)

Through April , used car and SUV prices declined by ~5%. This was more depreciation than we’d expect in a “normal” year for the same time period. The rate of depreciation increased in February from January, however the trend reversed in March and April.

In May and June, we saw a reversal, with used car and SUV prices increasing week-over-week on the wholesale market. In December, the overall market is dropping, with no vehicle classes continuing to appreciate.

The overall wholesale used car market saw prices drop -0.79% last week. Cumulatively, used car prices have dropped -22% at the wholesale level over the past 6 months.

Used car prices (wholesale)

Mass-market car segments dropped the most last week. Sub-compact cars dropped by -1.00%, mid-size cars by -0.80%, and full-size cars by -0.64%. Luxury car prices fell by -1.01 just last week, and have fallen the most since last summer.

All used car segments saw declining prices last week, with an average of -0.77%. The week before, car prices were down -0.76%.

Used Car Price Trends for 2023 (Updated Weekly) (2)

Used Truck Prices (Wholesale)

We are now seeing a sharp reversal in light-duty truck segments. The overall truck segment decreased -0.80% last week. Luxury crossover prices declined the most, by -1.38%.

Mainstream crossover and SUV prices all fell by between -0.50% and -1.14% last week.

Used Car Price Trends for 2023 (Updated Weekly) (3)

Since the onset of the pandemic, full-size vans have appreciated more than 60%. Now, we’ve seen wholesale full-size van prices drop -5.6% in the past three months.

Year-Over-Year Prices Remain High

Used Car Price Trends for 2023 (Updated Weekly) (4)

The graph below looks at trends in wholesale prices of 2-6-year-old vehicles, indexed to the first week of the year.

Retail used car prices are finally declining

Used Car Price Trends for 2023 (Updated Weekly) (5)

When will retail used car prices go down? Black Book’s weekly price index suggests that used car prices will steadily drop in 2023, after six months of slow but steady price declines in 2022. We expect prices to continue falling into 2023 due to the combined effects of higher interest rates restricting buying and the greater availability of new cars, which often have competitive promotional APRs.

We’re starting to see retail prices come down. Cars are also sitting on the lot for longer. As more vehicles sit on the lot, dealers will be more willing to negotiate.

Use this negotiation cheat sheet to stay in control of your deal

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.

(Video) Used Car Prices Going Up?

Used Car Price Trends for 2023 (Updated Weekly) (6)

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.

Is now a good time to buy a used car?

Used car prices will keep falling in early 2023, however higher interest rates add costs to those financing. If you can manage to pay cash (or simply buy a less expensive car), you’ll save money on financing over the long run.

Used cars are sitting on the dealer lots for longer, and that creates better conditions for negotiating a better deal. Check out this must-have, 100% FREE negotiation cheat sheet.

When should I sell my car to get the most money?

Sell as soon as you can. Used car prices are already dropping, and we expect retail prices to decline more in September.

To sell your car for the most money, be sure to read this guide.

Get the most when you sell your car.

Compare and choose multiple offers in minutes:

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.

Used Car Price Trends for 2023 (Updated Weekly) (7)

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

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

Used van prices increased the most

Different types of vehicles have appreciated more than others. Vans have increased in value the most of all used cars. Take a look at this chart and data from CarGurus.

Used Car Price Trends for 2023 (Updated Weekly) (8)

In 2021 used van prices increased over 56%, whereas CarGurus’ data showed a more modest (yet still insane) 34% increase for used car prices in general.

Used van prices have increased the most across vehicle segments for a few reasons:

  • Vans are typically lower profit new vehicles for automakers, and as a result of not having enough chips to produce new vehicles, automakers are drastically limited production of new vans;
  • Many people have taken to converting vans into their living quarters;
  • Many businesses that previously would have bought their vans from fleet sales are going to the used market to find supply.

For these reasons, and many more, used van prices have increased the most of any segment of vehicle.

Wholesale used car price trends are even crazier

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%.

Used Car Price Trends for 2023 (Updated Weekly) (9)

There is an obvious interplay between wholesale and retail prices. As wholesale prices increase, we can expect retail to prices to do the same. Here at YAA we are concerned that retail prices will stay highly elevated for a long time (potentially all the way through the fall of 2022) because car dealers will not want to discount their inventory that they grossly overpaid for earlier in the year.

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.


YAA Extended Warranty

Peace of mind without the markup.
Flexible terms & pricing.
Coverage details
(Video) Cars Are About To Drop 50% Off This 2023

Discover the right insurance for you

Compare different providers with no spam phone calls:

Get my quotes

Call us 855.786.1144

M-F: 8AM – 9PM EST
Sat: 10AM – 6PM EST

Save more with YAA+

YAA+ Membership pays for itself for all things auto.

Unlimited access to YAA car buying tools, our team of Auto Experts, savings on maintenance, and repairs, and more.

Join YAA+
Learn More

Join YAA for Free

Get instant access to members-only resources.

(Video) Here’s When Car Prices Will Drop Like a Stone This Year


Will used-car prices go down in 2023? ›

Prices could drop up 5% for new vehicles and 10% to 20% for used vehicles in 2023, according to a report in November from J.P. Morgan. The basis for the prediction is that demand has stabilized and vehicle inventory is improving.

Should I buy a used-car now or wait until 2023? ›

Americans planning to shop for a new car in 2023 might find slightly better prices than during the past two years, though auto industry analysts say it is likely better to wait until the fall. Since mid-2021, car buyers have been frustrated by rising prices, skimpy selection and long waits for deliveries.

What will happen to car prices in 2023? ›

As new-car production improves, demand for used cars will ease up and prices will continue to fall in the new year. The firm estimates that used-car prices will drop 10%-20% in 2023; new cars, on the other hand, are predicted to see a modest decrease of just 2.5%-5%.

Are used-car prices going up or down? ›

The BLS reported in its January CPI report that new vehicle prices rose 0.2% (up 5.8% year-over-year)and used vehicle prices fell 1.9%, (down 11.6% y-o-y). While used prices have fallen for seven straight months, new car prices have steadily risen every month since March 2021 (based on revised CPI numbers).

How much longer will used car prices stay high? ›

Used car prices have likely peaked, but new car prices are set to remain elevated through end-2022. In 2023, prices are expected to decline by 2.5% to 5% for new cars and by 10% to 20% for used cars.

When should I buy a car in 2023? ›

The end of the year — October through December — can be a good time to do your car shopping, as well. October is when new vehicle models head to showroom floors and dealers want to unload existing inventory, while November latches on to Black Friday deals, including autos.

Will cars get cheaper in 2023? ›

But 2023 may finally bring some relief. As demand stabilizes and inventory improves, prices are expected to ease. Prices could drop up to 5% for new vehicles and 10% to 20% for used vehicles, according to a report in Novemberfrom the bank J.P. Morgan.

Is 2023 a good year to buy a car? ›

Key points. If your car is reaching the end of its lifespan, you may consider buying a new vehicle in 2023. Chip shortages, less inventory, and rising interest rates have resulted in drivers spending more money on new cars.

Are vehicle prices dropping? ›

December saw a record drop in used-car prices

According to a January 2023 report by CoPilot, a personalized app for car buying, used-car prices fell in December for the sixth consecutive month, dropping 8.8% since January 2022.

Will used car prices ever go back to normal? ›

Although used car prices are finally starting to decline, it could be years before the market returns to a pre-pandemic normal. A recent study conducted by the car insurance comparison site Jerry found that the used car market won't recover in the foreseeable future.

Will car prices drop again soon? ›

Based on recent industry data, the prices that car dealers pay wholesale for used cars dropped 14.9% during 2022, which means consumers should also start seeing lower prices on the lot. Money expert Clark Howard also predicts the conditions will continue to improve gradually each month throughout 2023.

Will car prices go back to normal soon? ›

CNN reported that it is likely that prices for new cars will begin to decrease over the next few months due to increasing supply. However, prices are not likely to drop to pre-pandemic levels anytime soon.

Are high used car prices here to stay? ›

As new-car inventory begins to stabilize, J.D. Power forecasts that used-vehicle values will begin their descent to more normal levels by late 2022 and into 2023. “We do expect used prices to cool once new-vehicle production and inventories begin to recover,” Paris said.

What should you not say to a car salesman? ›

Things to Never Say to a Dealer
  • “I'm ready to buy now.” ...
  • “I can afford this much per month.” ...
  • “Yes, I have a trade-in.” ...
  • “I'm only buying the car with cash.” ...
  • “I'm not sure…which model do you think I need?” ...
  • “Oh, I've wanted one of these all my life.” ...
  • “I'll take whatever the popular options are.”

What's the slowest month for car sales? ›

The months of January through April are generally slow-selling ones and have the smallest discounts off MSRP. In fact, the month with the smallest amount off MSRP is February, with an average discount of about 5.7%.

Which brand of vehicle is the most reliable? ›

Consumer Reports Most Reliable Car Brands for 2022-2023
  • Toyota.
  • Lexus.
  • BMW.
  • Mazda.
  • Honda.
  • Audi.
  • Subaru.
  • Acura.
Jan 12, 2023

What month is the best month to buy a car? ›

In terms of the best time of the year, October, November and December are safe bets. Car dealerships have sales quotas, which typically break down into yearly, quarterly and monthly sales goals. All three goals begin to come together late in the year.

Is it better to lease or buy a car in 2023? ›

Your rate may vary based on credit score, credit history, and loan term. Leasing is relatively similar to having a long-term car rental. If you've got the money on hand, buying a car is often the better option. Drivers can purchase a leased vehicle at the end of their term if they choose.

Should I wait until the end of the year to buy a car? ›

Traditionally, the end of the year can be a good time to find a deal on a new or used car, and you can still save some money with time and effort. However, car buyers may not get the same savings in 2022 that they usually see due to a few factors impacting car prices and monthly payments.

What cars Are they discontinuing in 2023? ›

These Vehicles Are Dead for 2023
  • Acura NSX. Acura ended production of its NSX with a bang. ...
  • Buick Encore. After nearly a decade of sales, Buick is pulling the plug on its Encore subcompact SUV for 2023. ...
  • Chevrolet Spark. ...
  • Chevrolet Trax. ...
  • Ford EcoSport. ...
  • Ford GT. ...
  • Honda Insight. ...
  • Hyundai Accent.
Dec 10, 2022

Which car should I buy in 2023? ›

Popular Cars
  • Mahindra Thar. 9.99 - 16.49 Lakh*
  • Tata Nexon. 7.80 - 14.30 Lakh*
  • Mahindra XUV700. 13.45 - 25.48 Lakh*
  • Toyota Fortuner. 32.59 - 50.34 Lakh*
  • Tata Punch. 6.00 - 9.54 Lakh*

Will car prices drop in 2025? ›

“Over the course of the next two years, we're going to see used car prices retreat back to more normal levels. So by the time we get to 2025, that's really when used prices will bottom,” J.D. Power's Paris said. And even when prices do “bottom out,” they aren't likely to return to pre-pandemic levels.

Why are second hand cars so expensive? ›

The main reason for this is the shortage of new cars, but another major factor is the average cost of cars being sold – alternatively-fuelled cars are grabbing a larger slice of the new car market every month, and these cars tend to be more expensive than petrol- and diesel-powered cars.

Why are used cars so expensive right now? ›

Key takeaways: New and used vehicle prices are at an all-time high, but the amount of new cars available has declined since 2019. The reason why cars are so expensive right now is largely due to the pandemic. It resulted in a global chip shortage, the rise of inflation, a shortage of workers, and less inventory.

Are used car sales declining? ›

Used vehicle prices in the U.S. increased 0.8% from November to December but plunged 14.9% from one year prior, according to the Manheim used-vehicle price index released Monday, marking the biggest-ever annual decline for the index, which tracks the prices of used vehicles sold at wholesale auctions.

Which car manufacturers are not affected by chip shortage? ›

Top 7 Cars Unaffected By The Chip Shortage
  • 2021 Hyundai Sonata.
  • 2021 Jeep Compass.
  • 2021 Nissan Titan.
  • 2021 Nissan Altima.
  • 2021 Ram 1500 Classic.
  • 2021 Nissan Sentra.
  • 2021 Volvo XC60.
  • 2021 Ford Expedition.
Sep 1, 2022

Is the used car market going to get worse? ›

Used Car Prices Will Fall in 2023, but Older Cars Will See the Biggest Declines. After reaching absurd highs in early 2022, used vehicle prices have already fallen. They'll continue to ease in 2023, just not by as much as consumers would hope.

What car dealerships don t want you to know? ›

5 Things Car Dealers Don't Want You to Know
  • 1) Dealerships get rewards for financing through certain lenders. ...
  • 2) Dealerships don't want you to have your own financing. ...
  • 3) Dealerships use bait-and-switch low rate offers to make money. ...
  • 4) You don't have to buy GAP insurance through the dealer.
Aug 11, 2018

How much less should I offer on a used car? ›

Based on your pricing homework, you should have a good idea of how much you're willing to pay. Begin by making an offer that is realistic but 15 to 25 percent lower than this figure. Name your offer and wait until the person you're negotiating with responds.

What not to do at a dealership? ›

The Nine Worst Things to Do at the Car Dealership
Jan 26, 2022

What is the cheapest day to buy a car? ›

Head to the dealership between the 16th and 20th of the month. Don't lock in the deal just yet. Instead, wait until the last two or three days of the month to negotiate.

What is the best day of the week to buy a car? ›

Best day of the week to buy a car

Studies have shown that car buyers get better deals shopping on Mondays than any other day of the week. This is likely because car dealerships are generally not very busy early in the week which means the sales staff has more time to negotiate.

What is the best day of the month to buy a used car? ›

The best time to buy a car is when dealers are most motivated to hit big sales targets. That means you should shop during the end of the month, the end of the sales quarter, the end of the year, and holiday weekends like Black Friday. Weekdays, when dealers aren't getting as many customers, are also good.

How long until used car prices go down? ›

Used vehicle prices are expected to come down further this year amid rising interest rates and improved availability of new cars and trucks, according to Cox Automotive. The firm expects wholesale used vehicle prices to end the year down 4.3% from December 2022.

What cars will be gone in 2023? ›

These Vehicles Are Dead for 2023
  • Acura NSX. Acura ended production of its NSX with a bang. ...
  • Buick Encore. After nearly a decade of sales, Buick is pulling the plug on its Encore subcompact SUV for 2023. ...
  • Chevrolet Spark. ...
  • Chevrolet Trax. ...
  • Ford EcoSport. ...
  • Ford GT. ...
  • Honda Insight. ...
  • Hyundai Accent.
Dec 10, 2022

Can you buy a 2023 car right now? ›

If you're looking to buy a 2023-model-year vehicle, you may not have to wait around for long. That's because we're already seeing a handful of 2023 cars, trucks, and SUVs hit the market this spring.

Are used car prices beginning to drop? ›

Today's average used car price is about the same as the average new car price as recently as 2010. While the prices of late model used cars are down only 5% off their peak according according to Edmunds, the price of older used cars, those five years or older, have fallen 15% or more from their peaks early in 2022.

What month do car prices drop? ›

In fact, the month with the smallest amount off MSRP is February, with an average discount of about 5.7%. Things get better in the summer months: The introduction of new cars drives down prices on outgoing models. And finally, the discounts improve the most the closer you get to the end of the year.


1. HSN | Daily Deals & Top Finds 02.13.2023 - 01 PM
2. Beautifully Explained: Bizarre Reason Car Price Are Falling Every Week (Sellers In Panic Mode)
(Millionaires Investment Secrets)
3. Top 5 Car Market Predictions for 2023 | Affordability, Inventory & MORE!
4. It's Payback Time For Car Dealership in 2023
(Everyman Driver)
5. The January Sales Month Shocks The Entire Auto Industry: Major Market Trends Explained
(The Ben Hardy Show)
6. BUYERS BEWARE: 10 Cars To AVOID In 2023 (BIGGEST Price Drops & Price Increases )
Top Articles
Latest Posts
Article information

Author: Fr. Dewey Fisher

Last Updated: 03/06/2023

Views: 6469

Rating: 4.1 / 5 (62 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: Fr. Dewey Fisher

Birthday: 1993-03-26

Address: 917 Hyun Views, Rogahnmouth, KY 91013-8827

Phone: +5938540192553

Job: Administration Developer

Hobby: Embroidery, Horseback riding, Juggling, Urban exploration, Skiing, Cycling, Handball

Introduction: My name is Fr. Dewey Fisher, I am a powerful, open, faithful, combative, spotless, faithful, fair person who loves writing and wants to share my knowledge and understanding with you.