If a customer is looking for an affordable used family vehicle, they might find it advantageous to purchase one now, as prices for vehicles such as vans, minivans, pickup trucks, and SUVs have shown significant month-over-month drops in June, according to the CARFAX Used Car Index. Specifically, pre-owned van and minivan prices decreased by about $375, pickup trucks fell approximately $320, and SUVs were down $200.
Patrick Olsen, CARFAX editor-in-chief, explained that these family-oriented vehicles experienced the largest price drops among all vehicle categories in June. While luxury cars also saw a decrease of $200, other categories like hybrids/EVs and cars showed little to no change month-over-month.
Year-over-year, most segments in the CARFAX data set showed a decline of about 10%. SUV prices dropped 10.3%, pickups were off 10.9%, luxury SUVs fell 10.3%, vans fell 10%, and hybrids/EVs dropped 9.8%. There was a 6.7% decline in luxury car prices and an 8.1% decline in car prices, as reported by CARFAX.
On the wholesale side of the used-vehicle market, the downward trend continued through the third week of June. According to Black Book’s Market Insights report, overall wholesale prices decreased by 0.57% compared to a 0.55% drop the previous week. Car segment prices fell 0.62%, while truck/SUV prices decreased by 0.55%.
Notably, some family vehicles also experienced substantial wholesale declines. Subcompact luxury crossovers (down 1.26%) had the largest week-over-week decline of any segment, followed by compact vans (down 1.15%). Compact crossover prices fell 0.94%, while full-size vans showed a notable decrease (down 0.96%). These findings suggest that there may be favorable opportunities for customers seeking affordable family vehicles in the used car market.
