(July 2010) A year ago as General Motors was sprinting through bankruptcy proc(eedings and its future appeared iffy, shoppers were scouring dealership lots for bargains. The conventional wisdom suggsted great deals were to be had from the automaker's new and used vehicle inventories.

Turns out, conventional wisdom was wrong: there were no great bargains in either used- or new- GM vehicles.

In fact, Edmunds.com's newest analysis shows that the industry, in general, has seen the highest year-over-year used-car prices since at least 2004 and some of the most dramatic examples of those price hikes can be found in the GM stable.

The prices of used GM cars and trucks have risen 7.8 percent in the past year, largely on the strength of trucks and SUVs. GM's year-over-year increase exceeds the industry's rise of 5.5 percent, the biggest hike since 2004. Typically, the industry's average increase has been about 3.5 percent.

"In terms of used car pricing strength, GM has outpaced most other automakers - a remarkable feat considering that the brand just emerged from bankruptcy," commented Edmunds.com Analyst Joe Spina.

By comparison, the prices of used cars from Honda increased only 2.3 percent and Toyota's declined 0.9 percent during the same period. Still, while Honda and Toyota used cars don't have GM's momentum right now, they still have among the highest resale values in the industry, added Spina.

GM's used pricing strength comes mostly from Trucks and SUVs. A three-year-old Chevrolet Silverado 1500 pickup truck, for example, now costs 23.7 percent more than this time last year. The average used price on a Chevrolet Tahoe SUV is up 31.2 percent. 

Even some of GM's terminated models have experienced dramatic price increases. A three-year-old Saturn Vue costs about 15.9 percent more than it did this time last year, while its segment is up 11.3 percent. GM discontinued Saturn after an attempt to sell it to Penske Automotive Group failed.

Used Pontiacs are holding their value: a three-year-old G6 costs about 5 percent more than it did this time last year, outpacing the segment by almost 3 percentage points. The prices of used Pontiac Grand Prix sedans and Pontiac Solstice roadsters are slightly more than their segment average increases as well. GM has wound down the Pontiac brand. 

And, perhaps a true sign of low gas prices, used Hummer H2 and Hummer H2 SUT price increases of 18.4 percent and 17.2 percent, respectively, are outpacing their segments. GM opted to close down the Hummer after a deal to sell it to a Chinese company fell through.

An earlier analysis by Edmunds.com illustrated prices of GM's new vehicles rose instead of declined as bargain hunters had expected.

In the months leading up to bankruptcy, GM dropped incentives by a little more than $1,300 per vehicle sold, according to Edmunds.com's True Cost of Incentives, helping GM to slash its average discount (from MSRP) per vehicle from a high of 18.4 percent in February 2009 to 15.7 percent in June 2009, just a few ticks higher than the 15.4 percent industry average.

On Tuesday, GM North America President Mark Reuss told auto analysts and potential investors in the automaker's upcoming stock offering that customers are paying about $3,000 more per vehicle than they were pre-bankruptcy. Edmunds.com's analysis suggests that is due not only to lower incentives but also to higher sticker prices.