CENTREVILLE, Va. – New Carfax data show used car prices are climbing sharply after hitting their lowest point in the past year.
The average price of a used vehicle is now about $25,500 – up roughly $1,500 in just one month.
Despite high gas prices initially expected to dampen demand, car sales continue to rise. But both vehicle prices and fuel costs are shifting consumer interest toward more fuel-efficient vehicles. Trends on Carfax Car Listings show electric vehicle prices increased by more than $560 last month, marking the largest surge in EV demand in over a year.
“With rising prices, flexibility is important,” said Sri Melkote, chief analytics officer at Carfax. “Shoppers should consider different makes, models, years, trims or even nearby markets to find the best deals that fit their budget. This type of swing in prices suggests a volatile market, so tracking prices right now is crucial. Once you’re ready, a vehicle history report can help you avoid costly surprises and ensure real value.”
There are several other factors impacting the rise in prices, including price jumps on new 2026 models driven, in part, by added tariff costs, as well as a tighter selection of used vehicles. Slower new car production in recent years has also meant fewer high-quality, low-mileage, certified pre-owned vehicles entering the market today.