Regional Used Vehicle Prices Show Significant Fluctuations in March
Used car prices experienced notable regional variations in March, according to the Carfax Used Car Index. The data revealed that vans and minivans led the price increases across multiple US markets. In the Mid-Atlantic region, used van and minivan prices jumped 3.8% compared to February, representing the largest month-over-month increase among all tracked segments. Similarly, prices for this category rose 3.7% in the Midwest and 3.5% in the Southeast, supporting the national trend of increasing demand for large family vehicles.
Carfax attributed the continued price gains in vans and minivans to “seasonal buying patterns and tax return-driven purchases.” Nationally, the average price for used vans and minivans increased by $800 in March. Luxury SUVs also showed a strong upward trend, with prices rising by $500, while non-luxury SUVs saw a $400 increase. In contrast, used luxury cars were the only category to experience a decline, dropping about $50 from February.
The report highlighted various regional trends, including:
- A $400 increase in used pickup truck prices in the West, despite a national decline of $350
- Luxury SUV prices rising 3.2% in the Plains region and 2.4% in the South
- The Southwest recording the highest increase in luxury car prices, up 2.6%
Carfax emphasized that despite market fluctuations, many vehicle segments still offer substantial equity for sellers. The report noted that vehicle condition plays a crucial role in determining resale value, with minor damage typically reducing a vehicle’s price by hundreds of dollars, while major damage can result in price drops 10 times greater. However, vehicles with properly repaired cosmetic damage can present value opportunities for savvy buyers.
The Carfax Used Car Index tracks average monthly and yearly price changes across seven segments: cars, pickup trucks, SUVs, vans and minivans, luxury cars, luxury SUVs, and hybrids and EVs, both nationally and by region.
