Trade-in values have increased 48% since 2019, reflecting the higher value of vehicles in a market with constrained supply and high demand, according to Cars.com’s Industry Insights Report.

Despite an 8% decrease in the first half of 2024 year over year, trade-in values remain elevated, providing added leverage for consumers negotiating the purchase of a new or used car.

Other Key June Monthly Year-Over-Year Highlights

• The average price of a used car is $28,912, a decrease of nearly 7% YoY.
• Demand for used EVs is up 55% YoY, supported by a nearly 14% price drop and an average age of almost 3 years as EV owners are purchasing new and trading in their lightly used EVs.