Prices for used cars have been rising as consumers turn away from more expensive new vehicles. The laws of supply and demand are influencing the cost of used vehicles on the market. Consumers searching for a way to cut expenses during the recession have been driving the sales of used vehicles to the point that the supply has been decreasing. In response, prices for used cars are rising and could remain high for several years, according to The Wall Street Journal.
$23,353: The current average price of a used car that is between 1 to 3 years old. The Kelley Blue Book has tracked the prices and notes that the average has risen sharply since the start of the recession. In 2008, the average was $15,042.
$12: The monthly cost difference of buying a new or used Chevrolet Corvette from General Motors. Bloomberg reports it costs $12 more per month to buy a used 2010 Chevrolet Corvette than the new 2011 model from a dealer.
70: The number of cars Edmunds.com has found is cheaper to buy new than used. The prices between used and new vehicles are either the same or smaller for the used models. The True Market Value transaction prices show that the cost of used vehicles has gone up considerably since 2008.
46.1: The average number of months owners are keeping their used cars. A 2010 research study conducted by Polk showed that owners are keeping their cars for longer periods of time instead of purchasing new ones.
35.5 million: The number of used cars sold in the United States in millions during 2009. Compared to new car sales, 10.4 million, the ratio of consumers buying used vehicles was 3 to 1. The numbers are expected to be higher this year.
15 percent: The increase from May to June 2011 for trading in a 2007 Toyota Prius. In May, the average trade-in value was rated $13,400 by NADA. The price increased by $1,950 for June, reaching $15,350.
30 percent: The estimated increase in trade-in value by NADA for 2011. Compared to 2010, NADA predicts that trade-in values for used vehicles will climb 30 percent higher in 2011.
$11,660: The average price of a used car that dealers are purchasing from owners to stock their lots, according to The Associated Press. This is an increase of 30 percent from 2008. Dealers are scrambling to meet the high demand for used cars, so these numbers are expected to continue to rise in the future.
10.6: The average age in years of a car currently on the road. AP reports people are keeping their cars for longer periods of time and purchasing used cars in greater quantities. The average age of vehicles on the road has been rising since the recession began in 2007.
24 percent: The decrease in green car sales in the United States for July. Compared to figures from 2010, sales of fuel-efficient vehicles have fallen 24 percent for 2011. Despite the popularity of green cars, the economic recession has had a strong impact on the total volume sold in the United States. Consumers are not willing to pay more for new fuel-efficient cars.
Published by Lana Bandoim
Lana has a B.S. degree in Biology and Chemistry and graduated summa cum laude. She has extensive writing experience in print and online publications. Lana has been featured on Yahoo! News, Yahoo! Sports, Yah... View profile