Honda CR-V, Toyota Prius Are Top Picks for Used-Car Buyers | Edmunds

Honda CR-V, Toyota Prius Are Top Picks for Used-Car Buyers

SANTA MONICA, California — The 2002 Honda CR-V and the 2004 Toyota Prius are among the fastest sellers on used-car lots, according to the 2014 Used Vehicle Market Report by

Japanese models dominate the list of the Top 10 fastest-selling vehicles in the $5,000-$10,000 price range. Others include the 2007 Honda Fit, 2005 Toyota Prius, 2003 Honda CR-V, 2005 Honda Civic, 2002 Lexus RX 300, 2003 Acura MDX and 2004-'05 Subaru Forester.

"In the lower end of the used-car price range, vehicles that lean towards practicality tend to move off of dealers' lots the quickest," the report said. "As we move upward in price range, the demand for vehicle utility increases, with light trucks being the quickest sellers."

They include the 2008 Nissan Titan, 2006 Toyota Tacoma, 2007 Chevrolet Silverado 1500 and 2009 Nissan Titan in the $15,000-$20,000 price range.

The report also notes that 2014 was a record year for Certified Pre-Owned sales. CPO sales accounted for 21 percent of the more than 36 million total used vehicle sales.

"While 2014 wasn't a record-breaking year for overall used sales volume, the trend of CPO vehicles commanding a larger portion of franchise used sales continued," the report said. "With an increasing number of eligible vehicles to be certified, 2014 recorded the highest volume of CPO vehicle sales and market share on record.

"That is expected to continue in 2015, with trade-ins and lease returns expected to increase."

Average used-vehicle prices are approaching $17,000 for the first time ever, according to the report.

"One area of noticeable change is the 11-16 year-old group," the report said. "These vehicles represent nearly one in seven sales and have seen an increase of 13.6 percent as a group. The main driver of this increase is the drop in fuel prices which reignited interest with older, yet less fuel-efficient vehicles."

The increased percentage of "near new" vehicles was a big driver of higher used transaction prices in 2014.

About 19 percent of used vehicles were one or two years old in 2014 versus 14 percent in 2013.

These "near new" vehicles are attractive to buyers who would like new features and technology but are averse to the first-year hit of depreciation.

Edmunds says: The report points to some interesting trends that provide valuable insight to shoppers in the market for a used car or truck.

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