### How Much is a Used Vehicle?

According to the Cox Automotive Manheim Used Vehicle Value Index, the average price of a used car as of October 2023 is $26,752. While this is down from the previous years of the pandemic and the supply chain issues that resulted from it, it is still high when compared to the last five years or more. 

Buying a used car can be a great way to save some money and get a vehicle that will suit you well for many years. However, the process also requires a lot of research and patience if you are going to get a good deal. 

Because of the constant changing of used vehicle prices, it is important to know what you can expect to pay and what is considered reasonable. There are many different ways to check used car prices and find the actual value of a vehicle. Knowing how to do the right research and what affects the price of a used car will help you get the best deal, whether you are buying from a private seller or a dealership. 

The used car market is always changing and depends heavily on things like supply and demand as well as individual factors such as the state you are in and the mileage on the odometer. While the latest average price of a used car was $26,752, this price changes from year to year and even month to month. For example, the average listing price of a used vehicle for all of 2022 was $34,429. These big changes mean that timing will be incredibly important if you are looking to go through the used car buying process. 

Car shopping can be a confusing process, especially because the prices can vary so much. Used car values can be anywhere from $500 all the way up to six figures. Having a good understanding of what a particular vehicle is worth and what would be considered a good price for it can help. Price increases can happen for all kinds of reasons year-over-year and a vehicle’s value can change drastically one month compared to the last month. Staying on top of the average price of a used vehicle in the United States will help you find the best possible deal and avoid some of the higher prices. 

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### How to Check Used Car Prices

As a car buyer, it is important that you understand the used auto industry and have a good idea of what a reasonable price is for a used or new car. Car dealers tend to capitalize on supply shortages, even once they are over. To help you find the best car for the best price, you can find out what the actual value of a vehicle is before you decide to buy it. Checking used car prices before you buy will help you get the best possible deal on your purchase. 

__Some of the places where you can find the best retail prices for cars include:__ 

- [Kelley Blue Book](https://www.kbb.com/)
- [Edmunds](https://www.edmunds.com/)
- [CarGurus](https://www.cargurus.com/)
- [NADA Guides](https://www.nadaguides.com/)
- [Auto Trader](https://www.autotrader.com/)
- [TrueCar](https://www.truecar.com/)
- [Consumer Reports Car Value Estimator](https://www.consumerreports.org/cars/car-value-estimator/)
- [Parkers](https://www.parkers.co.uk/)
- [iSeeCars.com](https://www.iseecars.com/)
- [Carfax](https://www.carfax.com/)

### Have Used Car Prices Come Down?

In the last few years, used car prices have been in a major period of flux. The price index of used and new vehicles has changed consistently from month to month since 2020 and while it has certainly come down in the last year, it is still relatively high. This is mostly due to the COVID-19 pandemic, which caused declines in production for almost everything and resulted in a microchip shortage. 

Because of this, automakers were forced to slow down production of new vehicles. This meant that there was a higher demand for used car sales as Americans scrambled to purchase them and their prices skyrocketed. 

During this chip shortage, used vehicle prices went up astronomically. Kelley Blue Book reported a 28 percent rise in used car prices between 2020 and 2021 and a 42 percent increase between December 2021 and December 2019. 

As of October 2023, that price has come down 7.7 percent, which is good news for used car buyers in America. However, prices are still higher than they usually are, so it is a good idea to know how to get the best possible price and what affects prices in general. 

### What Affects Used Car Prices?

Before you start looking through a dealer’s used-car inventory, it is a good idea to know how you can get the best prices. Even though used vehicles have certainly gotten cheaper, they are still expensive when compared to previous years. Knowing what affects used car prices will help you find the best deal and offset some of the things that affect wholesale prices, which are out of your control. 

#### Supply and Demand

Supply is one of the most important factors when it comes to how much you are going to pay for a used vehicle. If there are fewer used cars available and more people in the market for them, this will always drive up the prices. This is the main reason why used vehicle prices are the way they are in 2023. Knowing what the supply of vehicles is like will help you know when it's the right time to buy. 

It is also important to remember that the price of used vehicles will be affected by the price of new vehicles. While used cars may not be as affected by the shortage of microchips, it has decreased the supply of new cars. This means that the demand for new vehicles has shifted to used ones as people find that they have a harder and harder time finding new cars for a reasonable price. All of this adds up to higher prices for vehicles of all kinds, so it is important to know the state of vehicle supply. 

#### How You Buy It 

The method you use to purchase a used vehicle will also be a major factor in determining its price. For example, going to a dealership will almost always be more expensive than any other method of purchasing a used car. A dealership has overhead like building costs, labor, and more that they will offset by charging more for their vehicles. However, there are also benefits to buying a used car from a dealer such as getting a better deal for your old vehicle’s trade-in value and getting a warranty that they might offer. 

If you are looking to spend as little as possible on your used vehicle, you will be much better off buying from a private seller. Auctions and online marketplaces can also be excellent places to find cheap used vehicles. Being patient and casting a wide net regarding where you look will help you get the best possible deal. 

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#### Your Location

Where you live will have a big impact on how expensive a used car will be. States with a higher cost of living are generally more expensive places to buy a car. States like California, New York, and Florida will all have higher prices for used vehicles, whether you are buying from a private seller or a dealership. Because of this, online marketplaces can be an excellent resource where you can buy a used car in a cheaper state and save some money in the process. 

#### Body Style

The body style of a particular vehicle will be a big factor when determining its resale value. Some types of vehicles are historically more expensive than others and will fetch a much higher price on the used market. Pickup trucks like the Ford F-150, Chevrolet Silverado 1500, and Ram Pickup 1500 are some of the most expensive used vehicles you can buy. SUVs like the Chevrolet Equinox and Toyota RAV4 also have higher price tags when they are sold to a third party. 

If you are looking to keep the price low for your used car, you will be much better off buying an economy sedan or coupe. These vehicles tend to have a lower resale value and if you choose one made by an automaker with a reputation for reliability and longevity, you can get many good years out of it. Cars like the Toyota Corolla and Honda Civic tend to have lower prices on the used market and have an excellent history of dependability, so they will help you make the most of your money. 

#### Condition

Perhaps more than anything else, the condition of a vehicle will dictate its resale value. The number of miles on the odometer and whether or not a car has been in an accident or had more than a few owners will have a big impact on a car’s value. On top of looking up the value of a certain make and model, it is always a good idea to get a vehicle history report using a car’s vehicle identification number. This will tell you whether or not a car has been in an accident as well as what the reported miles are on the odometer. Having this information will help you find a reasonable price and compare that with what the seller is asking for it. 

#### Time of Year 

The time of year also plays a big part in how much a vehicle will cost. This is especially true at the dealership. Toward the end of the year, dealerships will often mark down vehicles or offer incentives or rebates. This is so they can make room for new models that will be coming in at the beginning of the next year. Summer sales can also be an excellent opportunity to save some money on your used vehicle. Any time a dealership is pressed to get rid of their older vehicles, it is a good time to be a buyer. 

### Final Thoughts

Buying a used car is a great way to save some money and get a car that will serve you well for many years. While used cars are still relatively expensive when compared to years in the past, prices have been coming down steadily. By knowing how to get the best deal on a used vehicle and how to find the actual value of a particular make and model, you can avoid spending too much and get a vehicle that you can depend on.

Knowing how much a used car costs on average can help you budget for the purchase. Find out how much a used car costs and why that number is historically high.

How Much Does a Used Car Cost?

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