Japan Used Car Prices 2026: Record in Yen, Flat in Dollars

Published September 25, 2026 · Figures as of September 25, 2026

Japanese used car auctions set price records in 2026. For buyers paying in dollars, though, the picture is almost flat, because the yen fell to its weakest level in decades. Here is how prices really moved, what is changing at the auctions and how to budget for the currency risk ahead.

Key takeaways

• The average hammer price at USS, Japan's largest auction group, was ¥1.297 million in January–August 2026, up 8.7%, the highest level in yen.
• Converted at each period's average exchange rate, that is about $8,168, only 1.4% more than a year earlier.
• Auction supply is rising (+6.5% listings in January–August; +15.0% in July) and a smaller share of cars is selling. Buyers have more choice and less competition than in early 2026.
• The main risk ahead is a stronger yen. A 6% move, from ¥157 to ¥148 per dollar, would add about $500 to a ¥1.3 million car.

Auction prices at record highs, in yen

USS publishes the average price of the cars it sells every month. Averaged by calendar year:

• 2024: ¥1.185 million (+17.1%)
• 2025: ¥1.226 million (+3.5%)
• January–August 2026: ¥1.297 million (+8.7%)

January 2026's average of ¥1.346 million was reported as a record, and USS's monthly data show February going higher still, to ¥1.380 million. The trade press pointed to strong buying by exporters, dealers restocking before Japan's busy March sales season and a general shortage of used cars. Nikkei Asia reported that overseas buyers are outbidding Japanese dealers at auction.

When the Strait of Hormuz closed in March and shipments to Dubai collapsed, some expected unsold cars to pile up in Japan and prices to fall. That did not happen: the average price was still up 14.6% in April and 8.1% in July, as exporters redirected cars to other markets.

One caution: the USS average reflects the mix of cars sold. When more expensive cars such as SUVs pass through the auctions, the average rises even if no individual car got dearer. It shows the direction of the market, not the price of a specific model.

The weak yen cancelled most of the increase

The yen weakened steadily over four years. At the start of 2022 a dollar bought about ¥115. The yearly average was ¥151.46 in 2024 and ¥149.57 in 2025, and ¥158.56 in 2026 up to September 18. On July 29, 2026 it reached ¥163.86 per dollar, the weakest level since the U.S. Federal Reserve's H.10 series began in 2000.

The Japanese government bought yen twice in 2026: ¥11.7 trillion between April 28 and May 27, and ¥15.4 trillion between July 30 and August 26. The second was the first joint intervention with the United States since 1998. The Bank of Japan raised its policy rate to 1.0% on June 16 and to 1.25% on September 18. But the U.S. Federal Reserve also raised rates on September 16, to 3.75–4.00%, and the yen was at ¥156.87 on September 18.

This is the key point for buyers: the weak yen almost exactly offset the rise in auction prices.

Our calculation from USS monthly data and the Federal Reserve's H.10 exchange rates.

In July 2026 the yen price was up 8.1%, but in dollars the average car cost 2.0% less than a year earlier ($8,286 against $8,451). A car worth ¥1 million cost $7,607 at the 2022 average exchange rate and $6,307 at the 2026 rate. In other words, the discount from the weak yen has already been passed on to Japanese sellers through higher auction prices. Claims that Japanese cars are "30% cheaper" because of the yen do not match the auction data.

More cars, fewer bidders: signs of a plateau

The auctions are getting busier:

• USS listings rose 6.5% in January–August 2026, 15.0% in July and 16.3% in August (adjusted for the number of auction days).
• The share of listed cars that sold was 68.2% in 2024 but 66.5% in January–August 2026. July (63.8%) and August (66.8%) were below the same months of 2025 (66.2% and 69.6%).
• Price growth slowed to +1.9% in August.
• Across all Japanese auction houses, listings reached 8,015,618 in the year to March 2026 (+5.1%), the most since around 2007.

More listings with a lower sell-through rate suggest prices are levelling off at a high level rather than falling. The September data will tell. For buyers, it means less bidding pressure and more cars to choose from.

Timing: March and August

In each of 2024, 2025 and 2026, the USS average price dipped from the previous month in March, when Japan's financial year ends and trade-ins flood in, and in August. March averages were ¥1.100 million (2024), ¥1.116 million (2025) and ¥1.220 million (2026). Part of each dip comes from more low-priced trade-ins entering the auctions, so treat these months as times of wider choice rather than guaranteed discounts.

Where the supply comes from

• Domestic sales are flat. Used car registrations in Japan have held at about 6.5 million a year (6,498,127 in 2024; 6,487,868 in 2025), and barely moved in January–August 2026.
• More cars leave Japan. Deregistrations for export reached 1,176,041 in January–August 2026, up 8.8%, while scrapping fell 16.2%. Export demand increasingly sets domestic prices.
• New-car sales, the source of future used cars, dipped in 2024. Sales fell to 4,421,494 (−7.5%) that year because of manufacturers' certification problems, then recovered to 4,565,777 in 2025 (+3.3%) and grew 1.8% in the first half of 2026. By our estimate, that 2024 dip means fewer three-to-five-year-old cars, the core of the export trade, in 2027–2029.
• A short interruption in 2026. After a strong earthquake in Kumamoto in late July (intensity 7 on Japan's scale), Toyota, Nissan and Daihatsu kept some plants closed until August 5–7, which may briefly reduce new-car deliveries and trade-ins.

Budgeting for currency moves

With auction prices high but stable in dollars, the exchange rate is now the biggest variable in your cost. Here is what the 2026 average car (¥1.297 million) costs at different rates:

Bank of America has forecast the yen to strengthen by about 6% by the end of 2026. Some exporters suggest checking your margins at ¥146–152.5 per dollar. The interest-rate gap between the U.S. and Japan remains wide, so a stronger yen is not certain. A stronger yen could also cool yen auction prices a little, although we have not found data to show it.

Practical steps:

• Agree on the currency and the date the rate is fixed. Know whether your quote is in yen or dollars, and when the conversion happens.
• Keep a buffer. Allow for a 5–6% currency swing between deposit and final payment.
• Compare offers in the same currency and on the same terms (car price, inspection, freight and insurance to your port).

Want a quote that includes everything? Tell us the car, your budget and your destination. We bid at Japanese auctions on your behalf and show you the full cost to your port before you commit. Find my car · How our fees work

This article is general information, not financial advice. Exchange rates and auction prices change daily.

Sources

• USS Co., Ltd. monthly auction data, including April–August 2026
• January 2026 record and its causes: Japan Automobile Business Association
• Overseas buyers outbidding dealers: Nikkei Asia
• Auction listings across all houses: Goo-net Auto Distribution
• Used car registrations: Nikkei; JADA, August 2026
• New-car sales: nippon.com; Kyodo via nippon.com
• Plant stoppages after the Kumamoto earthquake: Jiji Press
• Exchange rates: Federal Reserve H.10
• Currency interventions: Ministry of Finance, May 2026; Ministry of Finance, August 2026; CNBC
• Interest rates: Bank of Japan, June 16; Bank of Japan, September 18; Federal Reserve, September 16
• Yen forecast: The Japan Times