New Used Car Index Tracks Pricing Volatility
Nationwide
CENTREVILLE, Va., April 28,
2023 /PRNewswire/ -- Savvy auto shoppers can save
hundreds of dollars on used cars by focusing on models with minor
damage, CARFAX data shows in the site's first-ever Used Car
Index.
"Shoppers who search out vehicles with minor damage – as
detailed in CARFAX Vehicle History Reports that come free with our
listings – can often get repaired cars for less than cars that
don't have any damage reported," said Paul
Nadjarian, General Manager for CARFAX Car Care. "Many car
accidents are minor and vehicles with that kind of damage can still
be safe and reliable. Of course, as with any used-car purchase,
shoppers should have a trusted mechanic check out the car before
buying."
The new CARFAX Used Car Index tracks the monthly average asking
prices for cars listed on carfax.com in popular categories, as well
as the 12-month price trends. In addition, the Index details the
drop in value for vehicles with minor or major damage versus those
that don't have any damage. The Used Car Index will be published
monthly on CARFAX.com.
"We know used car prices have been fluctuating wildly over the
past couple of years, and this is a great way for consumers to get
a better sense of when to buy," said Patrick Olsen, Editor-in-Chief of CARFAX. "Right
now, although used-car prices are on average about 10% less
expensive than they were a year ago, the 12-month trend lines show
that they are percolating up once again. For shoppers on the fence
about when to buy, now may be the moment."
Get additional details here.
About CARFAX
CARFAX, part of S&P Global Mobility, helps millions of
people every day confidently shop, buy, service and sell used cars
with innovative solutions powered by CARFAX® vehicle history
information. The expert in vehicle history since 1984, CARFAX
provides CARFAX Used Car Listings, CARFAX Car
Care, CARFAX History-Based Value and the flagship CARFAX
Vehicle History Report to consumers and the automotive
industry. CARFAX owns the world's largest vehicle history database
and is nationally recognized as a top workplace by The
Washington Post. Shop, Buy, Service, Sell – Show me the
CARFAX®.
S&P Global Mobility is a division of S&P Global (NYSE:
SPGI). S&P Global is the world's foremost provider of credit
ratings, benchmarks, analytics and workflow solutions in the global
capital, commodity and automotive markets.
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SOURCE CARFAX