Used car prices began May at record highs

Photo (c) acilo – Getty Images

There’s good news and bad news if you’re shopping for a used car. The shortage isn’t as severe as earlier in the year with inventories stabilizing in recent weeks. But used car prices began May at all-time highs.

A Cox Automotive analysis of industry data shows the average used car listing price rose to more than $22,000 for the first time ever in April, closing the month at a new high of $22,568. That compares with $21,343 at the end of March.

The average wholesale used-vehicle price — the price dealers pay — rose 4.65% in May over April’s average price. That brought the Manheim Used Vehicle Value Index (MUVVI) to 203.0, a 48.2% increase from a year ago.

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