The average price of both new and used cars are approaching record highs, and a lot of car shoppers are searching high and low for deals.

The typical price of a three-year-old used car was $31,548 in the first quarter of 2026 — the second-highest quarter average price on record, according to Edmunds.

The finding comes as Kelley Blue Book reported the average price for a new vehicle in April was $49,461, up 1.8% from one year earlier.

“The age-old debate of whether new or used vehicle markets offer shoppers the stronger value has officially taken another turn as residual values trend back down to pre-pandemic norms,” Ivan Drury, Edmunds’ director of insights, wrote in the firm’s used-car analysis.

Drury said used vehicles are beginning to offer stronger value because newer cars are depreciating faster than they used to. A large wave of 2023 model-year cars will be coming off leases in 2026, including a high number of hybrid and electric vehicles that were heavily promoted when the federal government offered tax credits for those models.

“Helping the cause is a projected surge in off-lease availability this year, up a half-million units from 2025, a 25.7% increase,” Drury wrote. “Used EVs in particular represent standout deals and should experience a major rise in inventory through the rest of 2026.”

Top Off-Lease Models to Watch in 2026

The USA TODAY Cars team reviewed Edmunds’ list of auto models with the highest volume of vehicles coming off leases and heading to used-car showrooms soon.

1. Nissan Rogue

Original starting price: $35,500Average Q1 2026 used price: $21,496

2. Honda CR-V

Original starting price: $36,127Average Q1 2026 used price: $28,953

3. Ram 1500

Original starting price: $62,118Average Q1 2026 used price: $39,559

4. Chevrolet Equinox

Original starting price: $32,747Average Q1 2026 used price: $20,851

5. Jeep Wrangler 4xe

Original starting price: $64,112Average Q1 2026 used price: $29,505

The plug-in hybrid Wrangler 4xe offers 21 miles of pure-electric operation for most daily commutes, according to Stellantis.

6. Chevrolet Silverado

Original starting price: $64,112Average Q1 2026 used price: $29,505

7. Honda Civic

Original starting price: $27,374Average Q1 2026 used price: $23,249

8. Ford F-150

Original starting price: $64,510Average Q1 2026 used price: $42,523

9. Honda HR-V

Original starting price: $27,862Average Q1 2026 used price: $22,941

10. Jeep Grand Cherokee

Original starting price: $53,361Average Q1 2026 used price: $30,353

Reporting by Keith Laing, USA TODAY. USA TODAY Network via Reuters Connect.