New Used Car Index Tracks Pricing Volatility Nationwide
CENTREVILLE, Va., April 28, 2023 /PRNewswire/ -- Savvy auto shoppers can save hundreds of dollars on used cars by focusing on models with minor damage, CARFAX data shows in the site's first-ever Used Car Index.
"Shoppers who search out vehicles with minor damage – as detailed in CARFAX Vehicle History Reports that come free with our listings – can often get repaired cars for less than cars that don't have any damage reported," said Paul Nadjarian, General Manager for CARFAX Car Care. "Many car accidents are minor and vehicles with that kind of damage can still be safe and reliable. Of course, as with any used-car purchase, shoppers should have a trusted mechanic check out the car before buying."
The new CARFAX Used Car Index tracks the monthly average asking prices for cars listed on carfax.com in popular categories, as well as the 12-month price trends. In addition, the Index details the drop in value for vehicles with minor or major damage versus those that don't have any damage. The Used Car Index will be published monthly on CARFAX.com.
"We know used car prices have been fluctuating wildly over the past couple of years, and this is a great way for consumers to get a better sense of when to buy," said Patrick Olsen, Editor-in-Chief of CARFAX. "Right now, although used-car prices are on average about 10% less expensive than they were a year ago, the 12-month trend lines show that they are percolating up once again. For shoppers on the fence about when to buy, now may be the moment."
Get additional details here.
CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX® vehicle history information. The expert in vehicle history since 1984, CARFAX provides CARFAX Used Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world's largest vehicle history database and is nationally recognized as a top workplace by The Washington Post. Shop, Buy, Service, Sell – Show me the CARFAX®.
S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.
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