The Average Used Car Price Is Now $33,000

• Average prices for used cars are way up, with the average markup rising above $10,000—and still growing.

• Age and body style are the most significant factors in markets, with late model units and luxury coupes selling despite price gouging of 45-57%.

• Electric vehicle and hybrid sale prices are rapidly rising in response to elevated fuel costs, making the average transaction cost for a used EV around $67,000.

Trying to buy a car right now is terrible, to put it lightly. Dealer markups on otherwise affordable new vehicles and computer-chip shortages delaying production have pushed many buyers to consider used cars. Unfortunately, the used market is experiencing its own markups. With fewer cars available and mechanics swamped with work, dealerships and private sellers have raised prices on even the most undesirable of used cars, and people are still buying them.

Thanks to data compiled by CoPilot, we can see just how much consumers are paying for used cars as of last month. By tracking virtually every dealership in the US, the data shows the average transaction price of a used car has risen to $33,341, a $172 fall from the used market's peak at $33,513 in March. Looking back at pre-pandemic and early 2020 data, that's $10,046 above projected normal prices for used cars.