Average Used Car Prices Reach High Featured

By Staff Writer November 12, 2018

The average used-vehicle price reached $20,084 in the third quarter, according to Edmunds.

This is the highest average price since 2005 and a 3.5 percent increase year over year.

Edmunds reports that vehicles under $35,000 spend an average of 37 days on the lot. Used vehicles under $10,000 dropped to 16 percent of sales this quarter.

In the third quarter, the average annual percentage rate (APR) for used vehicles climbed to 8.3 percent. The average down payment for a used vehicle hit $2,613 in the third quarter.

The average finance term length rose to 66.9 months, the lengthiest Edmunds has on record since 2008.

Last modified on Monday, 12 November 2018 13:34

Please publish modules in offcanvas position.