According to the JD Power and GlobalData U.S. Automotive Forecast for October 2024, the average price of a used car is $28,472. This value is 2.3% lower than in October 2023 due to a drop in trade-in equity values. Car shoppers get, on average, $7,909 for trading their vehicles in, or $911 less than last year.
Explore some of the most researched used cars on JD Power and find out how much people are paying for each model.
As the sedan segment shrinks and more automakers abandon the body type, they continue to be in high demand in the used market. The top three most researched used sedans on JD Power are:
In 2022, the Lexus ES ranked highest in the midsize premium car segment, with a JD Power Rating of 83, ahead of the Kia Stinger. This model was available with three engine options depending on the trim level—two standard gasoline engines and one hybrid option.
The Lexus ES is sought after for its comfortable interior features and excellent fuel economy. All hybrid models, such as the ES300h and ES300h F Sport, received MPG ratings of 43 in the city and 44 on the highway.
Upon release, the Lexus ES retailed from $42,100 for the base ES250 to $52,480 for the top ES300h trim. Today, shoppers pay an average of $30,339 to $44,543 for the same model in used condition, depending on the trim level.
The sedan version of the 2022 Honda Accord ranked fourth in the midsize car category that year, earning a JD Power Rating of 81. That score tied it with the Subaru Legacy and the Chevrolet Malibu and placed it below the tied-for-third Toyota Camry and Hyundai Sonata.
Owner satisfaction surveys revealed that Accord owners appreciated the vehicle’s practicality and engine smoothness. Although relatively affordable and close to the national average used car price, the Accord has not depreciated much since its introduction. MSRP in 2022 started from $27,615 for the base Accord LX brand-new. Today, car buyers pay an average of $23,185 to $27,509 for the same used model.
Since Dodge introduced the 8th-generation Charger to the market, the popular seventh-generation versions have become more sought after on the used market. The 2022 Charger is available in a wide range of trim levels, from affordable V6 models to the extra-powerful Scat Pack and Hellcat V8 versions.
Horsepower ratings for the 2022 Dodge Charger range from 292 for the base SXT trim to almost 800 for the supercharged Hellcat Redeye. These supercar-like figures allowed the Charger to straddle the line between a family car and a performance vehicle.
The retail price tag in 2022 ranged between $34,240 and $90,635. Today, shoppers pay an average of $26,214 to $91,064 for the same trim levels, showing Charger depreciation ranging from minimal to negative.
The gradual decline of sedans reflects the rising global demand for larger vehicles. According to the International Energy Agency (IEA), SUVs totaled 48% of global new vehicle sales in 2023. Below are three of the highest-ranked SUVs on JD Power across all categories:
In 2023, four models ranked first in the compact SUV category: the Buick Envision, GMC Terrain, Subaru Forester, and Chevrolet Equinox. All of them obtained a JD Power Rating of 85.
Of the four, budget-conscious shoppers favor the Equinox, which offers the lowest average prices across all trim levels. The entry-level front-wheel-drive LS ranges from $22,433 to $27,121, whereas the top-trim all-wheel-drive Premier Equinox costs $29,259 to $35,380.
Larger SUVs are typically more popular than their compact and crossover counterparts due to their power, large interior room, and practicality. Shoppers looking for a deal on a used large SUV are turning to models such as the 2023 Chevrolet Tahoe.
In addition to being the highest-ranked large SUV of 2023, with a JD Power Rating of 82, it is also one of the most affordable, with average prices of $44,774 to $88,553. These figures are lower across the board than those of the larger Suburban and the GMC Yukon, both of which are tied for second place in the large SUV rankings.
The luxury SUV segment is one of the fastest-growing, and this popularity is reflected in the used market. The 2023 Porsche Macan is the highest-ranked model on JD Power in the compact premium SUV category, with a consumer rating of 86—far ahead of competing models by BMW, Lexus, and Cadillac.
Current real-world prices for the 2023 Macan in used condition range from $57,217 to $68,230 for the base model and $80,342 to $95,808 for the V6 twin-turbo GTS version.
Trucks of all types and sizes are not just a common sight on American roads; they are now more popular than cars and SUVs. Of the 283.4 million vehicles registered in the United States in 2022, nearly 173 million (about 61%) are trucks. Here are some of the most popular used pickup trucks on JD Power:
The 2023 Nissan Frontier is tied with the Jeep Gladiator and Ford Ranger of the same model year for the top rank in the midsize pickup category. All three models have a JD Power Rating of 82.
In addition to being appreciated for its 310-horsepower V6 engine and positive driving experience, the Nissan Frontier is also the most affordable of the three. Shoppers spend $25,974 to $42,803 for this used midsize pickup truck, putting it in a similar price range as compact SUVs.
Heavy-duty trucks are traditionally favored by business owners and tradespeople for their towing capacity. Models such as the GMC Sierra 2500HD also feature extended cabs with multiple rows of seats, allowing them to double as comfortable family vehicles.
The 2023 model year received a JD Power Rating of 84, placing it ahead of the Chevrolet Silverado 2500HD. On average, used car shoppers pay $40,684 to $93,106 for a used Sierra 2500HD.
Although the used vehicle market has remained volatile throughout 2024, prices are trending downward overall. Now may be the right time to find a good deal on a used car, SUV, or pickup truck.
Corentin’s passion for the automotive world started when he was just seven years old, during a life-changing visit to an auto museum. Now a seasoned writer, Corentin channels that early fascination into every piece he writes, whether he’s exploring the latest car trends or automotive history. But his expertise doesn't end there—he also brings his insights to topics like home improvement, the boating and yachting industry, personal finance tips, and cutting-edge tech.
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