Edmunds: Used car prices up 10 percent over last year
(August 21, 2010) Edmunds.com estimated today that the average price paid in the U.S. for a used three-year-old vehicle in July 2010 was $19,248, up $1,800, or 10.3 percent, from July 2009.
"Consumers are generally paying considerably more for used cars this year compared to 2009," stated Joe Spina, a Senior Analyst for Edmunds.com. "A lack of confidence in the economy is driving more people to used cars, putting upward pricing pressure on a limited supply of vehicles."
The average price of a three-year-old vehicle is down 2.1 percent from June 2010, reflecting a typical seasonal decline, Spina asserts.
"It's a tough time to buy a used car, and it's more important than ever to do your homework before shopping. For example, decide ahead of time how much you are willing to spend and keep yourself to that limit," said Senior Consumer Advice Editor Philip Reed.
Of all used vehicles, the following have the most movement in pricing from July of last year (averaging all model years):
Average Used Vehicle True Market Value® | |||
Model | July 2010 | July 2009 | Change |
Cadillac Escalade | $34,715 | $25,600 | 35.6% |
Chevrolet Suburban | $27,193 | $20,262 | 34.2% |
Dodge Grand Caravan | $15,629 | $11,661 | 34.0% |
BMW X5 | $40,843 | $30,711 | 33.0% |
Acura MDX | $29,852 | $23,109 | 29.2% |
The following chart sets forth average prices by segment:
Average Used Vehicle True Market Value® | |||
Segment | July 2010 | June 2010 | July 2009 |
Subcompact Car | $9,676 | $9,784 | $9,162 |
Compact Car | $11,021 | $11,144 | $10,492 |
Midsize Car | $14,090 | $14,235 | $13,779 |
Sport Car | $16,302 | $16,538 | $15,395 |
Premium Sport Car | $36,442 | $37,354 | $32,373 |
Large Car | $14,734 | $14,899 | $13,953 |
Luxury Car | $23,582 | $23,975 | $20,326 |
Premium Luxury Car | $31,585 | $32,212 | $29,112 |
Compact Truck | $16,444 | $16,684 | $14,272 |
Large Truck | $20,845 | $20,989 | $19,058 |
Compact SUV | $16,394 | $16,571 | $14,332 |
Midsize SUV | $18,697 | $18,915 | $17,335 |
Large SUV | $25,193 | $25,856 | $18,846 |
Luxury SUV | $30,743 | $31,197 | $26,623 |
Minivan | $17,318 | $17,498 | $15,533 |
Van | $13,871 | $13,640 | $12,190 |