USED CAR PRICES
Auction sales and collector car values that are going up and the used car market is pushing strong numbers. A recent report from Edmunds put the average price of a used car in 2014 at $16,800, which is a record, and up 5.7 percent from 2013.
The certified pre-owned market inserts clean off-lease vehicles into the market and that accounted for 2.3 million sales last year, or 21 percent of the used car market. While 27 percent of the overall new car market in 2014 coming from leases – and 53 percent in the luxury segment – that segment will grow and it will serve up even more gently used cars. The increased prices for older cars is expected to come from the expansion in subprime lending and lower gas prices.