Are Used Car Prices Rising Again?

A person walks past a used car lot in Los Angeles, Calif., on Jan. 31, 2023. Mario Tama/Getty Images

Prices are up everywhere, and used cars are no exception. Used car prices increased roughly 55 percent between 2019 and 2022. The question of how high they will go remains in many people’s minds.

Could there be some respite ahead? Market conditions in the automotive industry are constantly changing. But what does that mean for the consumer? Are prices going up or down in 2023? Is it possible that high used car prices are the new reality?

Used Car Prices on a Roller-Coaster Ride

During 2019, you could purchase a used car, on average, for $20,000. That price ballooned to $31,000 by 2022. In 2023, that same car is sitting at around $27,000.