Used-car prices saw significant regional fluctuations in March, according to newly released data from the Carfax Used Car Index, with vans and minivans experiencing the sharpest increases in multiple markets across the U.S.
In the Mid-Atlantic region, prices for used vans and minivans surged 3.8% compared to February -- the largest month-over-month increase among all tracked segments. Similarly, prices for this segment rose 3.7% in the Midwest and 3.5% in the Southeast, reinforcing a nationwide trend of growing demand for large family vehicles.
“Vans and minivans continue to lead the way in price gains, likely influenced by seasonal buying patterns and tax return-driven purchases,” Carfax noted in a statement.
Nationally, the average price for used vans and minivans jumped by $800 in March. Luxury SUVs also saw a strong upward trend, increasing by $500, while non-luxury SUVs were up by $400. In contrast, used luxury cars were the only category to see a decline, dipping about $50 from February.
The report also provided insights into specific regional trends:
• In the West, used pickup truck prices rose by $400 despite falling nationally by $350.
• Luxury SUV prices increased 3.2% in the Plains region and 2.4% in the South.
• The Southwest saw the highest increase in luxury car prices, up 2.6%.
Carfax emphasized that despite fluctuations, many vehicle segments still offer substantial equity for sellers. “Owners should still be able to get a lot of equity out of a car they’re hoping to sell,” the report stated, noting ongoing popularity for trucks and SUVs.
The report also highlighted the role of vehicle condition in resale value. While minor damage typically reduces a vehicle’s price by hundreds of dollars, major damage can result in price drops 10 times greater. Vehicles with properly repaired cosmetic damage, however, 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.
