Used Car Prices hit a 13-year high as more late-models come off lease
Used car prices are up approximately 17.6% compared to the same time period five years ago. Experts say that while that is a steep increase, the used vehicles available are not as old as the ones from the initial time frame.
Ivan Drury, senior analyst at the car-buying website says that “off-lease cars are flooding the market... and the market is doing a good job of absorbing the large quantity.” There is strong demand for used-vehicles which keeps prices higher than average. As an example, a car that is approximately 3-years-old spends around 41 days on the lot, which is down 55 days from 2005.
It’s speculated that higher prices are also driven by the consumer trend to drive more pickup trucks and SUVs.