Used car prices hit record high in 2015

Used car prices hit record high in 2015

Retail used car prices hit a record high of $18,500, according to Edmunds.comês 2015 Used Vehicle Market Report. Certified pre-owned (CPO) vehicles accounted for a record 22.4% of franchised dealersê used sales, an increase of 9.1% from 2014.

The reasons for last yearês record high used retail prices: More than half of used cars sold are three years old or less, and cars six years old or older have seen big price increases. Low fuel costs have increased demand and prices for used SUVs and trucks, Edmunds says.

Looking at CPO buyer demographics, Edmunds found that CPO buyers rely more heavily on research than other used buyers. CPO shoppers also tend to be older, are more likely to be desktop users and have the highest female share of car buyers, at 38%.

–The key factor driving all of the trends in used-car sales today is the popularity of leasing, which is bringing younger and higher quality used cars back to the market,”said Jessica Caldwell, Edmunds.com director of industry analysis.