Edmunds.com: Used Retail Prices Spike July 2010

August 23, 2010

SANTA MONICA, Calif. — The average used-vehicle retail transaction price during July was up double-digits from a year ago, with a few individual models — mostly SUVs and crossovers — showing hikes of more than 30 percent, according to Edmunds.com.

Specifically, transaction prices for three-year-old used vehicles in July averaged $19,248, which marks a 10.3-percent year-over-year uptick.

“Consumers are generally paying considerably more for used cars this year compared to 2009,” explained Joe Spina, an Edmunds.com senior analyst. “A lack of confidence in the economy is driving more people to used cars, putting upward pricing pressure on a limited supply of vehicles.”

On a month-over-month basis, these used prices fell 2.1 percent, which is seasonally normal, according to Spina.

Looking at some individual vehicles, the Cadillac Escalade showed the greatest hike in averaged used vehicle True Market Value from July 2009, as it climbed 35.6 percent to $34,715.

The Chevrolet Suburban was No. 2 (up 34.2 percent), followed by the Dodge Grand Caravan (up 34 percent), BMW X5 (up 33 percent) and the Acura MDX (up 29.2 percent), respectively.

Edmunds.com also offered a chart breaking down the data by segment:

Segment July 2010 Price June 2010 Price July 2009 Price
Subcompact Car $9,676 $9,784 $9,162
Compact Car $11,021 $11,114 $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
Advertisements

About Automotive Training & Development

Automotive Training & Development provides sales training for automotive, marine, RV, and motorcycle dealerships. Our highly effective and affordable sales training programs can dramatically improve your bottom line. Training is the most cost effective way to increase sales and profits. AT&D offers three sales training programs that can be tailored to your needs: · Recruiting and training new sales associates · Retraining for Professional Sales Associates · Management Training and Support All of our programs come with a thirty-day guarantee.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s