When the recession was upon us, it seemed like everyone was making the shopping shift from new to used cars. But now that things are starting to ease up, the prices on used cars have gone up as well.
According to Edmunds.com, used-car prices have increased, especially with larger vehicles such as Cadillac Escalades or Dodge Grand Caravans rising more than 30 percent. Sure, that’s a lot, but it’s still better that the used-car prices we were seeing last spring.
Last month, the average price in the U.S. for a used three-year-old vehicle was $19,248, up $1,800, or 10.3 percent, from the same month last year.
“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.”
In a single year, a used Cadillac Escalade averaged $34,715 last month – that’s a 35.6 percent increase. As well, the Chevrolet Suburban, Dodge Grand Caravan and BMW X5 price rose past 30 percent.
[Source: USA Today]