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KBB data shows used cars averaging $28,205, but supplies are growing

As average price of a new car quickly hit $50,000, it’s not surprising that used car price is also increasing. Data from Kelley Blue Book shows the average used car in December sold for $28,205. That number will be 28% higher than in December 2020 and 42% higher than the year before.

As KBB has pointed out, an important reason for these higher prices is that there are fewer and fewer cheaper options. old car. For items priced under $10,000, there is less than 39 days of supply. Those priced between $10,000 and $25,000 have a 46- to 48-day supply, while those higher than $25,000 have a more than 50-day supply.

The figure above $25,000 is obviously quite high since the total number of days in inventory for used cars in December was 51 days. Notably, however, it was the first time since January 2021 that the average was higher than 50 days. In December 2019, it was 76.

A report by Automotive News pointed out that the current used car price boom will be over by the end of this year and early 2023. Specifically, car prices are predicted to drop around 20% to 30% to revert to the relationship. System is as good as new. car price. This depends on new car increasing supply, which data firm KPMG estimates will happen later this year.

How to prepare to sell your used car:

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