Used car prices up by nearly 50% nationwide

JACKSONVILLE, Fla. — According to the service CARFAX, used car prices are dramatically up in our area.

In January 2020, $19,000 was the national median dealer price for a used car listing.

In January of this year, that went up to $28,000 -- a 47% increase in just 2 years.

“We had a vehicle that we looked at, had 47,000 miles on it. When we appraised it, they appraised it for $23,000,” Jeff King said.

King is the General Manager/Vice President for Bozard Ford Lincoln in St. Augustine.

“Seven months later, with 10,000 additional miles on it, the car appraised for over $30,000,” King said.

King points to supply chain issues and the chip shortage as the reason for the price increase.

Locally, in Jacksonville, we’re seeing that used car prices went up by 31% from 2021 to 2022. The biggest increase mainly with sedans, SUVs, and pick-up trucks.