Used car prices are at an all-time high in the United States, standing at an average of $18,800, according to a Q2 2015 Used Vehicle Market Report from Edmunds.
That average represents a used car price increase of roughly 7.6 percent year-over-year (i.e. compared to Q2 2014).
According to the Edmunds report, that growth in average used car transaction prices is in response to growth in both new vehicle sales and new vehicle transaction prices, resulting in plenty of off-lease and certified pre-owned (CPO) inventory.
What’s more, CPO used car sales especially have taken-off dramatically, increasing from 20.5 to 22.7 percent of all franchise-conducted used car sales year-over-year. To reframe that, CPO sales by themselves have increased 14 percent just since Q2 2014.
Interestingly enough, though, much of the surge in used car average transaction prices comes from older models, especially those older than 10 years. Vehicles 11 years of age, for instance, increased an average of 30 percent in value compared to Q2 2014; for cars 15 years of age, that increase was closer to 55 percent.
All-in-all, used car sales are up across most of the United States, with no signs of slowing. The full report is available as a PDF at the Edmunds website.