• Sign in to follow this  
    Followers 0

    The Average Price of A Used Car Has Reached A New High


    • Used Car Prices Are Climbing

    With the average price of new cars on the rise, the price of used cars follows suit. A new study done by Edmunds finds the average price of a used car has hit a new record high in the second quarter. The average price of a used car has climbed to $18,800, up 7.6 percent when compared to the same time last year.

     

    "People are buying more trucks and SUVs, and they're getting them better equipped. More expensive new vehicles means more expensive used vehicles," said Jessica Caldwell, analyst at Edmunds.com.

     

    What is causing the uptick in used car prices? The same items which are causing new car prices to go up; better economic outlook, low unemployment, low-interest rates, and low gas prices.

     

    But also helping the increase is the amount of off-lease vehicles entering into the used car marketplace.

     

    "With inventory finally at a better place, people have a lot more options," Caldwell said.

     

    Source: Chicago Tribune via The Detroit News

    0


    Sign in to follow this  
    Followers 0


    User Feedback


    and it's very unlikely the FED will change the prime interest rate....or whatever it's called

    Especially with the Stock markets craziness and China pretty much crashing.

    0

    Share this comment


    Link to comment
    Share on other sites

    Not surprising considering how much more technology that is being stuffed into these cars. Tires are bigger and bigger. More and more std equipment. Subscriptions to things like Onstar and Satellite radio add to these monthly payments and now wifi is being offered. It's small wonder so many people are broke and filing for bankruptcy these days.

    0

    Share this comment


    Link to comment
    Share on other sites

    This is also pent up demand still from the 3-4 years that no one bought cars hardly. But still they drive cars

    Average age of cars is also increasing though, even after cash for clunkers too a chunk of older vehicles off the road.

    0

    Share this comment


    Link to comment
    Share on other sites

    Why I am keeping the lower end of the market myself.

     

    If I stay GM, either a LS/LT new Cruze or a WT Colorado....don't like cars with way too much stuff in them. Would rather add them myself......

    0

    Share this comment


    Link to comment
    Share on other sites

    This is also pent up demand still from the 3-4 years that no one bought cars hardly. But still they drive cars

    Average age of cars is also increasing though, even after cash for clunkers too a chunk of older vehicles off the road.

    That's just the result of cars being better-built today than ever. Even the clinkers they took off the road were probably pretty solid lumps.

    0

    Share this comment


    Link to comment
    Share on other sites


    Your content will need to be approved by a moderator

    Guest
    You are commenting as a guest. If you have an account, please sign in.
    Add a comment...

    ×   You have pasted content with formatting.   Remove formatting

      Only 75 emoticons maximum are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor