The Used Car Index

The dollar values in the chart and table are derived from the BLS Consumer Price Index for Used Cars and Trucks — we scale the index so 2019 equals about $20,200 (a typical average transaction price that year). The trend and percent changes match the official CPI; only the units are in dollars for readability.

The Used Car Index tells one of the most dramatic inflation stories of the past decade. From 2015 through 2019, prices were stable and even drifted slightly lower as plentiful off-lease supply kept the market well stocked.

Then came the pandemic. New vehicle production collapsed amid chip shortages and factory shutdowns. Stimulus spending and a flight to personal transportation sent demand for used vehicles soaring. The index exploded from about $20,200 in 2019 to nearly $30,000 in 2022 — a 48% surge in just three years.

The correction has been meaningful but incomplete. BLS data for January 2026 implies an average transaction level around $26,300 — down from the 2022 peak and slightly below late 2025, still about 30% above 2019. Used cars are no longer in crisis mode, but they're not cheap. Financing costs remain elevated (used car loan rates in the 10–11% range), so monthly payments stay high even where sticker prices have eased.

For buyers, the best values in 2026 are in 2–3 year old sedans and in used EVs, which have depreciated faster than traditional vehicles. Trucks and in-demand SUVs still carry a premium.