Three-year-old vehicles – typically the cars and trucks that are most in-demand — increased in value by 4.6%. Throughout the entire month, buyers paid more than the Manheim Market Report (MMR) values. Despite there being higher prices, 65% of shoppers ended up buying a vehicle, compared to 52% in 2019.
Every type of vehicle saw price increases in September, but some increased more than others. The price of a van rose nearly 41% from September 2020. Pickup trucks, already among the most expensive used vehicles, rose by another 17.8%. Overall, prices were up 27.1%.
Dealers may have gotten top dollar for their inventory in September, but they sold fewer vehicles. Cox Automotive, the parent company of Manheim, reports that total used vehicle sales were down 13% year-over-year on a seasonally adjusted basis (SAAR). Consumers who are able to find a new vehicle to their liking, there may have never been a better time to trade in a used car or truck.
Read the article at Consumer Affairs.
