Used Car Prices Return to Pandemic Peaks

The average used car price reached $27,239 in August, the highest since December 2022, according to Kelley Blue Book. Dealers currently list about 2.13 million used vehicles, down from 2.42 million in August 2022. The shortage is driven by automakers producing approximately 8.1 million fewer cars during the pandemic, a deficit that will impact the used market for years.