New Jersey among states with best used car deals as prices spike nationwide, CARFAX says
NEW JERSEY – Used car prices are rising sharply across the country after reaching a 12-month low, according to new data from CARFAX, with New Jersey ranking among the states offering some of the best value for buyers.
The average price of a used vehicle has climbed to about $25,500, an increase of roughly $1,500 in just one month, the report found.
Despite expectations that high gas prices might slow demand, vehicle sales continue to increase. Instead, shifting fuel costs are driving more interest in fuel-efficient options, including electric vehicles.
CARFAX data shows electric vehicle prices rose by more than $560 last month, marking the largest increase in EV demand in more than a year.
“With rising prices, flexibility is important,” said Sri Melkote, Chief Analytics Officer at CARFAX. “Shoppers should consider different makes, models, years, trims, or even nearby markets to find the best deals that fit their budget. This type of swing in prices suggests a volatile market, so tracking prices right now is crucial. Once you’re ready, a vehicle history report can help you avoid costly surprises and ensure real value.”
New Jersey ranked among the top 10 states where CARFAX identified the most “great value” vehicles, meaning cars are priced competitively compared to their estimated history-based value. Other states on the list include Florida, Texas, California, Ohio and New York.
The report said several factors are contributing to rising prices, including increased costs for new 2026 models, partly driven by tariffs, and a limited supply of used vehicles. Slower new car production in recent years has also reduced the number of certified pre-owned vehicles entering the market.
As prices fluctuate, CARFAX is urging consumers to stay informed and take precautions when purchasing a vehicle.
The company recommends reviewing a vehicle history report, working with reputable dealers, understanding a vehicle’s value, having it inspected by a trusted mechanic and completing a test drive before making a purchase.
