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

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