Used vehicle average selling price in the U.S. 2016 -2023

In 2023, the average selling price of used vehicles came to around 29,300 U.S. dollars. New automobiles and light trucks were on average almost 17,700 U.S. dollars more expensive than used light vehicles.

The used car boom

As the price for new vehicles has been increasing, more Americans are turning towards buying second-hand cars and light trucks. Buying new cars and light trucks is typically seen as a privilege that few may do often. Generally, used vehicle sales are on the rise in most countries. Thanks to ever-improving technology, automobiles may keep running for many years and remain in good condition. This allows the average age of light vehicles in operation in the United States to increase slowly. Although new cars are often seen as status symbols, vintage cars are also very popular in the United States, the main reason for this trend being aesthetic and cultural values.