It’s Not Just You, Used Cars Really Are Getting More Expensive

Remember when scrolling through the second-hand car classifieds felt like being unleashed in Willy Wonka’s chocolate factory? There was such a wide selection of used cars available within budget, especially if your budget was on the modest side. Now though, things seem weirdly tight. Actually, things are weirdly tight. Cox Automotive just released a retail pricing support and guess what? The average used car is now the most expensive it’s been in years.

Meanwhile, Lincoln has facelifted the Nautilus and ditched a controversial styling trend, Lucid is giving the Gravity some extra muscle, and the ruggedized-looking crossover trend has come for Nissan’s entry-level Kicks. All this on today’s edition of The Morning Dump.

The Average Used Car Is The Priciest It’s Been Since 2023

Have you looked at the used car classifieds recently and felt like you were living in Bizarro world? While pricing of second-hand cars dipped considerably following new vehicle supply recovery from the chip shortage, it feels like everything’s back up again. Actually, it doesn’t just feel that way; it is that way. Now there’s data to back that hunch up.

Automotive retail software juggernaut Cox Automotive owns something called vAuto, which is a dealer inventory management program. That’s not hugely interesting on its own, but it results in a ton of data, including retail list prices. You can think of this as the trailing indicator to the Manheim Index of wholesale vehicle values’ leading indicator. Unsurprisingly, the report for July was released on Friday, and it shows that asking prices for used cars are higher than they’ve been since the summer of 2023.

Retail used-vehicle sales increased modestly from June in July, bucking typical seasonal trends as inventory edged higher, according to Cox Automotive’s analysis of vAuto Live Market View data. The used-vehicle market otherwise remained stable in July, with average listing prices essentially unchanged for a second consecutive month at $27,028, though still 6% higher than a year ago.

“Essentially unchanged” is an understatement considering June’s average asking price worked out to $27,027. Still, not only is that figure finding stability in what is a historically slow month, it’s $1,631 higher than it was in 2025. Given how we’ve moved past the production constraints of 2020 and post-chip-shortage cars are starting to come in as three-year lease returns, what gives?

Well, a lot. Since 2022, America has lost about a quarter-million units worth of used vehicle inventory, and a combination of factors is at play. Outside of the electric vehicle space, leasing’s been in the dumps for the past five years or so, and while the number of three-year-old used cars for sale has been increasing, a drought of lease returns compared to historical norms means late-model-used supply is especially tight and pricey. Historically, a situation like this would likely result in some used-car buyers cross-shopping affordable new models, but we’re not exactly in a cheap-new-car arm’s race in North America. Combining strong second-hand demand with expensive new vehicle transaction prices has resulted in huge knock-on effects reaching far down the list of used car age brackets. As Cox Automotive wrote:

Prices rose across every age group year over year, with the steepest gains occurring among the older, lower-priced vehicles. Listing prices for vehicles 15 years and older rose 13.9% compared with a 3% increase for vehicles under five years old. A larger share of younger vehicles in the sales mix also contributed to the higher overall average.

Perhaps the most painful result is the sharp decline in used vehicles for sale under $15,000. That price bracket makes up just 16.4% of all used-vehicle inventory, down from 20.6% a year ago. We’ve already seen that Americans are holding onto their cars longer, and with some buyers being priced out of late-model vehicles, the pressure on older models is immense. Add it all up, and not only is it harder to afford a used vehicle now, but the conditions for a traditional path back to normal haven’t really existed in quite a while. While a glut of off-lease EVs over the next few years should ease the trend of high prices slightly, the era of widespread cheap 15-year-old used cars is, to a degree, over. Hold on to what you have if you can, folks.

Trend Reversal

Speaking of trends, let’s talk about one of the more divisive styling elements that’s gained a lot of traction over the past half-decade or so: The front light bar. Sometimes it’s done well, like the continuous bar of pixel-shaped elements across the front of the Hyundai Ioniq 9. Most of the time, though, it’s not, with gaps between the headlights and the central lighting element making things look cheap. The good news is that we seem to be slowly moving past that latter execution. Case in point: Lincoln has facelifted the Nautilus and, in the process, thrown the light bar across the grille in the bin.

Okay, so the updated Nautilus does feature a wide black bezel around a now-even-larger upper grille, but it can also be optioned with a fascia that’s far cleaner than that of the outgoing car. A simple rectangular lower grille, a pared-back headlamp treatment, and a new hood with a flatter leading edge combine to look unusually unfussy. Out back, a new two-bar taillamp treatment pairs with a simpler valence. Other than some new color options, the interior’s basically unchanged, and choices of powertrain remain a pure-combustion two-liter turbocharged inline-four and a variant of that same engine with a hybrid system. There’s nothing really groundbreaking about the 2027 Lincoln Nautilus, but the elimination of the front light bar is rather pleasing. Can more automakers with suboptimally integrated front light bars please take note?

Remove Before Flight

While we’re on the subject of posh crossovers, if you want a really quick one, there’s a new three-row option for speed merchants. At Monterey Car Week, Lucid unveiled the Gravity GT-S, and it’s the most potent seven-seater you can buy. We’re talking 1,070 horsepower, which the marque claims is good for zero-to-60 MPH in 3.1 seconds. On paper, that’s not quite as quick as the Rivian R1S quad-motor, but it should still give your whole family the speed giggles. Even the dog.

Great power requires great control, so every Gravity GT-S will come equipped with the Dynamic Handling Package. This bundle of four-wheel steering and three-chamber air ride already gives the Gravity Grand Touring impressive agility, so it should be able to handle the output of the GT-S no problem. While this isn’t an utterly bonkers Sapphire model, it’s also not priced like an Air Sapphire. The Gravity GT-S starts at $125,900 plus freight (likely an extra $1,850 if Lucid doesn’t hike that fee by the fourth quarter), and only has four extra-cost options beyond premium colors: Tan “Tahoe” leather for $1,250, third-row seating for $2,900, upgraded advanced driver assistance for $6,750, and a $950 towing package. All things considered, that’s not bad, undercutting the Porsche Cayenne S Electric while adding the option of a genuinely spacious third row.

Can You Kick It?

The Otterboxed crossover trend isn’t going away anytime soon. Instead, it’s spreading, sinking its tendrils into high-riding unibody vehicles, big and small alike. Knowing that people will gladly sacrifice a little quietness to look cool, Nissan has given the Kicks the Rock Creek treatment, and it’s weirdly adorable. Yes, Nissan’s littlest U.S.-market crossover now comes in a trim level that includes a new grille, new valences, unique 18-inch wheels, all-wheel drive, and a roof rack made of proportionally enormous tubes. The result? Awww.

Granted, you don’t get all-terrain tires, skid plates, or increased ground clearance in the Kicks SV Rock Creek, but that won’t matter to a lot of people. All-wheel drive, an off-road mode just in case, and easy-clean upholstery are more than enough to do some mildly dirty work. Probably best not to drive this thing over the rocks or up the creek, but it should get you to the trailhead. The Kicks Rock Creek gets you some nice amenities too, like heated seats, a heated steering wheel, a 360-degree camera system, and rear seat heater ducts. However, there is a catch: At $30,385 including freight, it’s $50 more than the slightly more upscale SR trim level. Losing the big digital cluster but getting some heated surfaces? In the snow belt, that’s still a deal though.

What I’m Listening To While Writing TMD

Even on desk duty, it’s been a long and exciting night with all the Monterey Car Week debuts. You’ve probably already seen the Mustang Dark Horse SC Convertible piece I smashed out around midnight, but there’s more where that came from. A proper late writing sesh continuing into the morning calls for something rhythmic. Something like Overmono’s “Diamond Cut.” Yeah, that hits the spot.

The Big Question:

With used car pricing so expensive compared with historical norms, how long do you reckon you can hold onto your current daily driver?

Top graphic image: Honda

The post It’s Not Just You, Used Cars Really Are Getting More Expensive appeared first on The Autopian.