Edmunds’s latest report on the U.S. pre-owned vehicle market finds the average transaction price increased by 5% to $31,067 on a year-over-year basis in the third quarter, accompanied by a “noticeable” uptick in average time on lot.

Days to turn increased to 41 in Q3, four days longer than the prior-year quarter and the slowest pace since 2017. That figure was tempered by EVs, which registered a 34-day average.

Analysts say normalized inventory levels mean used car buyers can’t be forced to pay near-new prices, unlike the last time Edmunds’s pre-owned ATP surpassed $30,000, in Q3 2022.

“The longer selling window shows that buyers are becoming more selective, weighing high used vehicle prices against new-car incentives — a shift that continues to reshape dealer turnover across segments,” the report states.

Last month, Kelley Blue Book reported the average cost to purchase a new vehicle exceeded $50,000 for the first time in September.

Read the full report at Edmunds