(VINnews) – Used vehicle prices in the U.S. rose again last month, reaching their highest point since mid-2023 as demand continues to outpace supply, according to data from Cox Automotive.

A key wholesale pricing index showed a notable year-over-year increase, signaling that tight inventory and steady buyer interest are keeping prices elevated.

Analysts say demand has held up despite broader economic pressures, with limited supply further supporting higher prices. Inventory levels remain constrained, with fewer vehicles available on dealer lots compared to typical levels.

Consumers continue to turn to used cars as new vehicle prices remain significantly higher, reinforcing demand across the market.

Looking ahead, Cox Automotive slightly raised its forecast for used vehicle sales this year, though overall volumes are still expected to edge lower compared to last year as conditions soften later in 2026.