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Used Car Prices Up 10 Percent, Some as High as 30 Percent

By Liz Opsitnik
Friday, Aug 20 2010 11:36

Three-year-old used vehicles cost on average 10 percent more in July than they did during the same month a year ago, according to Edmunds.com.

The average price U.S. shoppers paid in July for three-year-old used cars was $19,248, which is an increase of $1,800, or 10.3 percent, from July 2009. The average price of a three-year-old vehicle is down 2.1 percent from June of this year, which Edmunds.com says is a typical seasonal decline.

"Consumers are generally paying considerably more for used cars this year compared to 2009," said 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."

2007 Cadillac DTS

If you're in the market for a three-year-old car like this 2007 Cadillac DTS, be prepared to pay more than you would have if you bought a year ago.

Industry experts have also attributed the rising cost of used cars to last year's government cash for clunkers program, which took a lot of used vehicles off the market because they were scrapped instead. And since the supply is down, the price is up, which means shoppers will have less wiggle room when negotiating. Edmunds.com lists its average used vehicle (three years old) True Market Value pricing data below, which is also on its site.

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%

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

 


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