The average price tag for a used vehicle is $33,341, a 0.5% increase from May and just $172 below the peak in March, the CoPilot research shows. If depreciation forecasts had held true, the average price would be $23,295, according to CoPilot’s index.
“Despite signs of a slowing economy, rising interest rates and high fuel prices, the used-car market is holding firm,” said CoPilot CEO and founder Pat Ryan.
Consumer buying remains strong at least partly due to spillover demand from the new-car market. Supply-chain issues — primarily an ongoing shortage of computer chips — have left dealer lots with fewer new vehicles to sell.
The amount that consumers are paying above normal also depends on the age of the car. Nearly new vehicles (1 to 3 years old) have an average listing price of $42,314, which is $13,145 more (45%) than the projected normal amount of $29,169, according to the CoPilot index.
By contrast, vehicles that are 8 to 13 years old come with an average price of $18,038, or $5,416 more (43%) than the previously forecast $12,622. That category is the only age segment whose average price has been trending downward for several months.