Are Used Car Prices Decreasing?

Used cars for sale on a CarMax lot in Burbank, Calif. Mario Tama/Getty ImagesTax season is in full swing, and some consumers will use their refund toward a down payment on a big-ticket item, such as a car. But will the buyer choose a new or used car?Used cars have become more popular, and the reason is somewhat obvious. The average cost of a new vehicle in November 2025 was $49,814, according to Kelley Blue Book. In November 2024, new vehicle costs averaged $48,724, and in November 2023, they averaged $48,247. The upward trend is expected to continue.