Used Car Prices Reach a Record High in 2014
In a recent report from Edmunds.com stated the average used car price has hit a record at an average sale of $16,800 last year. This marks a 5.7% increase from the 2013 average of $15,900. The increase in used car prices mean the resale value of three- and four-year-old leased vehicles are a lot stronger.
Edmunds also broke down the 2013 to 2014 used car price changes by age of vehicle. The increase in average selling price of 1-year-old and 4-year-old vehicles were about the same as the 5.7% jump of the entire used car market. The report also shows the average price of 8 and 9-year-old models jumped 8.8%. It came as a surprise that vehicles 11-years-old or older increased between 10.5% and 15%. Experts are saying the situation could soften up in around 2017.
To see a detailed copy of the Edmunds.com 2014 Used Car Report click here.