Used vehicle prices are seeing an unseasonal sharp increase due to unique market conditions created by the coronavirus pandemic.
Aug. 5, 2020—Used vehicle prices are seeing an unseasonal sharp rise due to unique market conditions created by the coronavirus pandemic, according to a press release.
Edmunds, an online car buying guide, collected data that reveals the average listing price for all used vehicles climbed to $21,558 in July, marking a $708 increase compared to June. In the report, Edmunds noted that this is "an unprecedented historical shift in the used vehicle market, where listing prices typically decrease during this time period due to depreciation."
Edmunds analysts took a look at average listing prices for 2017 model year vehicles in July compared to June and found that price increases spanned across nearly all vehicle categories.
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