Used Car Price Trends for 2024 (Updated Weekly) (2024)

In September, used car prices are holding steady following months of declines. In 2024, the average used car listing price sits at $25,571. With the continuing ups and downs of used car prices, it’s never been more important to track the value of your car.

👉 We also track new car prices. See the latest monthly update here.

Used Car Prices – September 2024 Update

According to the latest used car market data from Black Book, the used car market is stabilizing at wholesale markets. When will retail used car prices drop? We’ll get into that below. First, let’s take a closer look at wholesale prices last week.

Is the car bubble bursting? Let’s look at the data.

This week, wholesale used car prices held steady (up just +0.03%), on par with last week. After months of ups and downs, used car prices are stable. However, as you’ll see below, some segments are still falling.

Which used car prices are falling most? Let’s take a look at the latest data from Black Book.

Used car prices (wholesale sedans)

The overall car segment fell by -0.04%, compared to a decrease of -0.20% last week. All car segments dropped last week, albeit very slightly.

Used Truck Prices (Wholesale)

Used truck prices are a mixed bag in September 2024. Used SUV prices rose last week for the third week in a row, ticking upward by +0.06%. That’s not a good sign, but we’ll wait and see how next week turns out before drawing major conclusions. Full-size luxury crossovers and compact vans were the only segments to see big changes week-over-week.

Since the onset of the pandemic, full-size vans have appreciated more than 60%, before falling off a cliff in 2023 and 2024. Truck prices are finally falling, however great new truck deals are keeping more buyers on new car lots.

Retail used car prices are still falling

As the data above shows, retail car prices are holding steady after slowly dropping for the past few months. The busiest time of the year for car sales is approaching quickly, driving the demand for both used and new vehicles higher. This upward pressure will increase between now and the end of 2024.

Used Car Inventory – Retail Markets

The graph above shows that used car inventory is falling as dealers hesitate to take on more inventory. Used car days-to-turn is now at a five-year high. Car buyers are holding off on purchases as used car interest rates soar well beyond 14% APR.

In fact, as you can see below, used car inventory is normalizing for the first time since the pandemic. This is a notable trend, and can be used as negotiating leverage.

New Car Price Trends (Monthly Updates)

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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.

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.

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.

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:

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

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%.

There is an obvious interplay between wholesale and retail prices. As wholesale prices increase, we can expect retail to prices to do the same.

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.