Edmunds.com Reports Used Car Prices Up 10 Percent over Last Year; Some Used SUVs and Crossovers Cost 30 Percent More
Edmunds.com Reports Used Car Prices Up 10 Percent over Last Year; Some Used SUVs and Crossovers Cost 30 Percent More
SANTA MONICA, Calif. — August 20, 2010 — Edmunds.com, the premier online resource for automotive information, 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 who offers more guidance in his article "10 Steps to Buying a Used Car" at http://www.edmunds.com/advice/buying/articles/78387/article.html.
Consumers who seek pricing information on specific vehicles can check the Used Vehicle True Market Value® at http://www.edmunds.com/tmv.
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 |
About Edmunds (http://www.edmunds.com/about/)
Edmunds.com publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. Edmunds.com, the premier online resource for automotive information, launched in 1995 as the first automotive information Web site. Its mobile site, accessible from any smartphone at www.edmunds.com, makes car pricing and other research tools available for car shoppers at dealerships and otherwise on the go. InsideLine.com is the most-read automotive enthusiast Web site. Its mobile site, accessible from any smartphone at www.insideline.com, features the wireless Web's highest quality car photos and videos. CarSpace is the most established automotive social networking Web site. AutoObserver.com provides insightful automotive industry commentary and analysis. Edmunds is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit. Follow Edmunds.com on Twitter@edmunds and fan Edmunds.com on Facebook at http://www.facebook.com/edmunds.
