If you've been waiting for used-car prices to come down, you've probably noticed they haven't crashed. They also haven't kept climbing. Here's what the numbers say right now, and what that means if you're shopping this month.
What used-car prices are doing in 2026
The best early sign of where prices are going is what dealers pay for cars at auction. Cox Automotive tracks that every month with its Manheim Used Vehicle Value Index.
| What the data shows | Number | Source |
|---|---|---|
| Expected price change for all of 2026 | About +0.2% (it was +2% in the July forecast) | Cox Automotive, Oct 7, 2026 |
| Long-term average yearly change | +2.3% | Cox Automotive, Oct 7, 2026 |
| Auction prices in October vs. September (not seasonally adjusted) | −2.3% | Cox Automotive, Nov 6, 2026 |
| Used cars for sale at dealers | Just under 50 days of supply | Cox Automotive, Nov 6, 2026 |
In plain words: prices this year are almost flat, well below their normal yearly rise. Cox pointed to higher fuel costs and rising interest rates as the reasons. Dealers also have a healthy supply of cars, so you have more choice than you did a few years ago.
The catch: loan rates are still high
A flat price doesn't mean a cheap payment. According to Edmunds, the average used-car loan in the third quarter of 2026 had:
- an APR of 10.6% (new-car loans averaged 7.0%)
- an amount financed of $30,703
- a term of 70.4 months, almost six years
That's why two people can buy the same car at the same price and pay very different amounts over the life of the loan. The interest rate and the loan length matter as much as the sticker price.
Why November works in your favor
- Prices stopped climbing. With values close to flat, you're not likely to save much by waiting. Rates and your own credit can also change while you wait.
- There's plenty to choose from. About 50 days of supply means dealers have cars to sell and want to move them before the end of the year.
- Winter is coming. If your car is unreliable, it's better to replace it before the snow, salt and cold starts arrive in Illinois. See our list of the best used cars for Chicago winters.
- Our Thanksgiving Sales Event runs all month. Every car on our lot is marked down from November 1 to 30, with no coupon needed. Veterans and active-duty military get an extra $500 off through November 21. See the sale details.
5 ways to get the best deal this month
- Get pre-approved first. You'll know your rate before you pick a car, and you can compare it with what the dealer offers. Apply online; good, bad and no credit are all welcome.
- Put money down if you can. Every dollar down is a dollar you don't pay interest on, and it can help you qualify for a better rate.
- Keep the loan as short as you can afford. A longer loan lowers the payment but adds interest. Remember you can pay most car loans off early. Our payment calculator shows the difference.
- Use your trade-in. In Illinois, you only pay sales tax on the difference between the price and your trade-in value. If you still owe on your car, we call your lender for the payoff, so you don't need a payoff letter.
- Look at the total, not just the payment. Ask for the out-the-door price and the total cost of the loan, and compare those. Our used car buying checklist walks you through it.
Cars on our lot right now
These are live from our inventory and already show their Thanksgiving sale prices.
Sources
- Cox Automotive, Q3 2026 Manheim Used Vehicle Value Index (Oct 7, 2026)
- Cox Automotive, Manheim Used Vehicle Value Index: October 2026 trends (Nov 6, 2026)
- Edmunds data, as reported by CarPro (Oct 14, 2026) and Auto Remarketing (Oct 1, 2026)