Twists & turns in used-car prices this season
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Much like the assortment of candy collected by trick-or-treaters, retail used-car prices were a mixed bag in October.
According to the latest Carfax Used Car Index, the price variance between used-vehicle segments was quite noticeable during the month. Luxury cars, for example, were up close to $400 month-over-month in October and pickup trucks climbed more than $225.
Meanwhile, the sharpest decline was for luxury SUVs, whose prices were down roughly $270 from September, Carfax said.
The price changes in other segments were milder.
Cars (including sedans, hatchbacks and wagons) showed a $60 decrease in used prices, while non-luxury SUVs and hybrids/electric vehicles were down about $50.
Van and minivan prices were up close to $100, Carfax said.
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And in the spirt of the Halloween season, here’s a spooky stat that Carfax uncovered: for some models, it makes more sense for consumers to buy them new, rather than slightly used.
Carfax editor-in-chief Patrick Olsen explains in the analysis around the index.
“It’s a common belief that used cars are simply cheaper than new cars, especially in an age when new-car prices have hit unheard-of heights,” Olsen writes.
“But there are some vehicles out there that keep their value so well that it may be cheaper to buy a new one rather than get one with a few years and a few thousand miles on it,” he said.
Olsen gives the example of a 2023 Honda Civic, which currently has an overage price of $24,300, compared to the price of a 2025 edition, which is $27,400.
“It’s not the only model this is happening to: The Ford Bronco, Kia Seltos, and Toyota Corolla Cross SUVs; Porsche Boxster S convertible; and Toyota Tacoma pickup truck all have relatively little difference between the 2023 and new 2025 prices we compared (we chose 2025 models because there are still a lot on dealership lots right now),” he said.
Olsen’s full analysis can be read here.