Used-Car Prices Are Back To 2023 Highs, And EVs Are Leading The Climb
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Used-car prices in the US have surged to their highest level since 2023, driven by strong demand and tight supply. Electric vehicle prices are also rising, with a 7.9% year-over-year increase, despite more used models entering the market.
Used-car prices have hit their highest level since 2023. The Manheim Used Vehicle Value Index climbed to 215.3 in March, a 6.2% year-over-year increase. Strong demand and tight supply are driving the price increase. Wholesale supply is at 24.5 days, and retail inventory has dropped below 40 days. Electric vehicle prices are also rising, with a 7.9% year-over-year increase. The EV index jumped 3.7% since February. Higher tax refunds and rising gas prices are contributing to the demand for used cars. Cox Automotive expects prices to stabilize later in the year, but for now, the market remains resilient.
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