![]() For a free quote, click below and get started. In short, the used car market is still out of whack, and you may even come across certain models of used cars priced higher than the brand new version.ĬarShield offers extended warranties that protect your vehicle for up to 200,000 miles. In July, the average trade-in value of a used vehicle was about $23,500 - historically high but a 1.6% drop from the prior month. “They will likely start seeing depreciation chip away at their vehicle values, which could make someone want to line up their next purchase sooner later,” Drury says. On the other hand, cheaper used car prices could have the opposite effect for those who are looking to trade in their vehicle to knock down the price of a brand new one. In other words, you won’t likely have to make any rash buying decisions for fear of skyrocketing prices like in months past. But the trend does give you “the gift of additional time,” Drury says. The recent drop in prices isn't noticeable enough for folks to sprint to a dealer. In February 2020, before the pandemic, used cars were selling for about $20,700 on average. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas View RatesĬompared to July 2021, used car prices are up 7.4%, or about $2,000 more expensive.
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