Used Car Prices in the US Experience Highest Increase Since 2023
Jakarta (ANTARA) - Used car prices in the United States are rising again and reaching the highest level since mid-2023, in line with increasing demand and limited supply in the market.
Citing Carscoops on Sunday, a Cox Automotive report shows the Manheim Used Vehicle Value Index rose to 215.3 in March 2026. This figure increased by 6.2 percent year-on-year and 1.4 percent compared to the previous month.
This rise is considered unusual, given that March is generally a stable period for used vehicle prices.
The data reflects wholesale prices, namely dealer-to-dealer prices at auctions, which are typically lower than the retail prices paid by consumers.
Cox Automotive noted that the average used car price stood at around $25,287 (Rp432 million) in February, far lower than new cars which exceeded $49,100 (Rp839 million). This price gap continues to drive consumers towards the used vehicle market.
On the other hand, the supply of used vehicles remains limited. Wholesale stock is sufficient for only about 24.5 days, while retail inventory has fallen below 40 days. This situation is worsened by declining new car sales, which impacts the number of trade-in vehicles.
Additionally, the number of vehicles from rental fleets increased by 7.5 percent year-on-year, which also affects market dynamics across various segments.
The price increase is also evident in the electric vehicle segment. The electric vehicle index rose 7.9 percent year-on-year and 3.7 percent compared to February, surpassing the increase in petrol-powered vehicles.
Luxury vehicles recorded the most significant rise, while compact cars and trucks experienced slower growth. Nevertheless, all used vehicle segments show an upward trend compared to the previous year.
Cox Automotive’s chief economist Jeremy Robb stated that used vehicle prices are expected to remain stable heading into the summer, supported by strong demand.
“As we enter the summer, we expect used vehicle values to hold steady, with many consumers yet to file their tax returns this year,” Robb said.
He added that although geopolitical conflicts in the Middle East could potentially affect consumer sentiment, current data indicates that economic resilience remains sufficiently strong.
Cox Automotive projects used car sales in 2026 to reach 20.4 million units, though this figure is expected to decline by around 1 percent compared to the previous year.