Auto prices on increase for both new and used vehicles

(June 10, 2011) A big trend facing the auto industry recently has been the rising price of vehicles across the spectrum of new, used and CPO models, according to AutoTrader.com.

AutoTrader data from May shows that this trend is alive and well. The majority of vehicles across all of the most-searched lists showed increases in average asking price. 

On the new vehicle list, 13 out of 20 vehicles posted increases, with the smaller, more fuel-efficient cars garnering the biggest increases year-over-year. The new Kia Optima again showed the biggest increase of nearly 21 percent, going from $20,202 in May 2010 to $24,422 in May 2011; the new Hyundai Elantra gained 16 percent in average asking price, going from $17,373 to $20,223; and the new Ford Focus gained 12.74 percent in average asking price, going from $18,708 to $21,092 year-over-year.

For used vehicles, Toyota and Honda models showed the biggest increases in average asking prices year-over-year. 

Asking price of used Toyota
Camry moves up 13 percent

The used Toyota Camry posted the biggest increase in average asking price, moving from $15,347 to $17,333, an increase of nearly 13 percent; the used Honda Accord came in second with an increase of nearly 10 percent, moving from $15,779 to $17,342; and the average asking price for the used Honda Civic increased around 9 percent, moving from $13,621 to $14,868.

These perennial favorites are typically in high demand, but that demand may have increased for used models due to the production shortages caused by the natural disasters in Japan earlier this year, according to AutoTrader.com analysts.

Overall, average asking prices for the majority of CPO (certified pre-owned) vehicles rose year-over-year, with 13 out of the top 20 showing increases, though there was less organization around body style or manufacturer than seen on the new and used lists. 

The CPO Acura MDX showed the biggest increase in average asking price of 21 percent, moving from $20,202 to $24,422 year-over-year; the CPO Ford Mustang came in second with an increase of 16 percent, moving from $17,373 to $20,223; and the CPO BMW 5-Series gained 13 percent, moving from $18,708 to $21,092.

According to AutoTrader.com analysts, prices are heavily affected by supply and demand, and the increase in consumer demand overall with the still-limited supply of used cars and the challenges facing the new car market due to anticipated shortages have again pushed prices higher.