The last few years have been tumultuous for used cars, to say the least. Prices and supply are all over the map, leaving many to wonder if things will ever calm down. Unfortunately, prices likely won’t return to normal for another few years, but most brands have seen average prices drop over the last year. CarGurus’ used car price trends show that most vehicle makes have fallen, but some have continued rising.
The list of used cars with the most significant price increases includes some familiar names we no longer see on the new market. Ten brands with the largest used price increase over the past year include:
Interestingly, most brands saw decreases in pricing on the used market, which is a good sign. That said, many makes have begun increasing in price over the last 30 and 90 days, wiping out some of the price drops they had early on in the year.
Looking at the brand that topped the list, Pontiac, with an almost 15 percent price increase, raises a bunch of questions, including which of its models could be driving that interest. It’s possible that there’s a new Vibe spec-racing series or increased popularity of the Firebird. Maybe someone discovered that the Aztek is great for overlanding and camping, but whatever the cause, Pontiac’s average used price increase is surprising since it hasn’t sold a car in well over a decade.
While new car inventories are recovering and prices are expected to fall, used car inventory remains strained. The last three years have been brutal for automotive production, and with the previous shortage of new cars, used car inventory has struggled. Prices are expected to fall much more slowly, and Manheim Used Vehicle Value Index noted that overall used car prices have fallen in April for the first time since the start of the pandemic.
Source: www.autoblog.com