Carmigo is bringing you the best-selling used cars for February (or at least our prediction). We’ve analyzed trends on our marketplace as well as the general car market and compared those with U.S. economic trends to help you decide if this is the month to sell your car, or if you should consider waiting.
The average list price for used vehicles in December was $27,143, down from $27,156 in November and $28,193 a year before.
It feels like prices keep going lower, but last month, the average used car list price was about $7,000 more than it was in the spring of 2021.
If you’re selling, things are better than they have historically been, not as good as they were six months ago, but probably better than they’re going to be in the next six or so months.
For the first time since June, Sporty Cars moved back into positive territory with an increase of +0.03% according to Black Book. On average, sporty cars also received more offers than any other body type on the Carmigo marketplace in the past three months. They aren’t selling for collector prices by any means, but they’re moving.
It’s hard to tell which of the many sub-genres of crossover will sell best in the coming month. But we can say with confidence that crossovers have sold in significantly higher volume than other body types for the past three months, and most listings receive plenty of offers.
Black Book showed that full-size cars were the body type to lose the least value this month (other than sports cars, which gained value). But on the Carmigo marketplace, we’re still selling fewer full-size cars while seeing plenty of interest in mid-size cars like the Toyota Camry.
We are selling a decent number of Silverados, and they’re getting lots of offers on average. It’s not just Silverados either, it’s most standard-size trucks — the kind you see a contractor driving around.
We don’t see many people trying to sell vans, but when we do they receive more offers than most other body types. In the past three months, full–size vans have averaged 21 offers per listing. It’s always a good time to sell a fan (but not compact vans).
Used Luxury Performance cars aren’t selling well, buy mostly used Teslas are bringing that market down. Tesla slashed new car prices in January to an extent that is undercutting some used car sales so we don’t expect them to sell any better in the near term.
People are buying SUVs, and they’re starting to buy big vehicles again, but big luxury vehicles aren’t getting any love. It’s not a great time to try to sell a used Escalade. It could simply be that comfort at scale is much more affordable than it’s ever been.
For the last year, small crossovers and SUVs have dominated the market, combining comfort, capability, and fuel economy. But as gas prices continue to stabilize, people are ditching the smaller SUVs.
The only reason this came across my radar is because someone tried to sell one on the Carmigo Marketplace and it barely got any offers. But this isn’t much of a surprise since KBB declared the compact van dead last year.
The truck market is a certified Goldilocks market right now. Maverick, Dakota, Colorado — they aren’t selling well used. This is partially because folks are just opting for the Silverados and F150s, and partly because smaller trucks are one of the few affordable new vehicles on the market. So folks shopping for a small truck can actually get a decent price on a new one.
Shameless Plug: A lot of these price trends are based on the Carmigo Marketplace data. Carmigo is a one-of-a-kind platform that lets private car owners sell their used cars to dealerships.
Note: These predictions are simply that: predictions. We cannot tell the future. They are based on trends we’ve seen in the marketplace but are not a guarantee of future market outcomes.
