- Used car prices have surged to $25,550, rising by $1,500 in a month, according to new data shared with the KSL Investigators.
- Em Nguyen of Carfax said factors include tax refunds, tight inventory and tariffs on new models.
- Interest in fuel-efficient vehicles are also growing as gas prices rise.
SALT LAKE CITY — Used car prices are making a quick and dramatic climb.
Data shared with the KSL Investigators by CARFAX shows the average used car now sells for about $25,550. That's up roughly $1,500 in just one month.
"Yeah, we were absolutely surprised when we saw that gas prices were going up, but the demand was still going up as well," said Em Nguyen of CARFAX.
She told me there are three things that fuel that demand. First, tax refunds are giving buyers more cash for their down payments. Next, inventory remains tight after the pandemic when far fewer new cars rolled off the assembly lines. And third, tariffs are pushing up prices on the new 2026 models which are rippling down into the used car market.
New interest in EVs
At the same time, higher gas prices are changing what drivers want to buy.
"What we are seeing, though, is that about a month ago, there has been a spike in the interest in fuel efficient vehicles," said Nguyen. "And we think, of course, that gas prices have a lot to do with that."
In Utah, buying used usually means buying a car "as is." That gives drivers very little recourse after the sale if they find something is wrong with their new-to-them car or pickup truck.
Vehicle history reports can show you not only if a car has been in a crash, but also its service records and can even flag mileage discrepancies.
And with electric vehicles, pay special attention to the warranty and the battery; a replacement could cost thousands.
"The battery for the EV is very important. It's what runs the whole vehicle," Nguyen said. "You want to make sure when you're purchasing it, that it's not going to die in a couple of months or a couple of years."
You should know
Used car prices are moving quickly, so shop around. Look at different models, different years, even different nearby markets.
But before you buy, be sure to pull the vehicle history report on the car you're considering. You could expect to pay around $30 to $45 for a report.
Also, have an independent mechanic inspect the car. A mechanic can find hidden mechanical issues and damage that hasn't turned up on the vehicle history report. The cost there usually runs between $150 to $200, but it can save you thousands.
And if there is a manufacturer warranty, make sure it is transferable to you.
