Our latest AutoTrader Price Index shows a gradual increase in used and new car prices continuing into the second quarter of 2022. Production gaps fueling new vehicle inventory shortages continue to drive demand for used vehicles, resulting in a sustained price crunch. In July, the average price of used vehicles hit $37,928, representing an increase of 32% year-over-year (YoY). On the new car side, average price reached the $55,469 mark, increasing 18% YoY.
For a fulsome view of our latest AutoTrader Price Index, click here to get your copy of the report.