Used Car Prices Rise

By Staff Writer November 11, 2020 344

According to iSeeCars.com’s latest analysis of over 1.2 million used car sales in October 2020, used car prices had an average increase of 9.5 percent or $2,193 compared to the previous year. 

“Interest rates are lower than normal, which can help offset heightened used car prices for anyone who needs a car in the short term,” said iSeeCars Executive Analyst Karl Brauer.

Every vehicle segment increased in price compared to last year, while convertibles, coupes, and pickups all increased far above average.

Used vehicles with the greatest price increases are made up of mainly sports cars and pickup trucks. The vehicle that has the greatest price increase is the BMW 5 Series luxury midsize sedan, which has risen in price by 25 percent or $6,924 in October 2020 when compared to October 2019

Dodge Challenger made the list

Five American performance cars make the list: the Dodge Charger muscle car and four sports cars, including the Ford Mustang coupe and convertible, the Chevrolet Camaro, and the Dodge Challenger.

Four pickup trucks make the list including the second-ranked Ram Pickup 1500, the fifth-ranked GMC Sierra 1500, the ninth-ranked Toyota Tundra, and the tenth-ranked Chevrolet Silverado 1500.

Vehicles with the greatest price drops have decreases ranging from 1.1 to 8.4 percent and are made up of mostly SUVs across varying price points as well as two minivans, two hybrids, and one sedan.  The vehicle with the greatest price decrease is the Chevrolet Volt plug-in hybrid vehicle, which was discontinued after the 2019 model year.

Two subcompact SUVs make the list including the second-ranked Ford Ecosport and the seventh-ranked Nissan Rogue Sport. Three luxury SUVs make the list including the fourth-ranked compact Buick Envision, the fifth-ranked midsize Cadillac XT5, and the eighth-ranked compact Porsche Macan.

The Dodge Dart midsize sedan, which was discontinued after the 2016 model year ranks sixth. Rounding out the list are two minivans: the third-ranked Chrysler Pacifica and the ninth-ranked Kia Sedona.

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Last modified on Monday, 16 November 2020 16:17