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Article: Edmunds.com Reports Used Car Prices Up 16 Percent, Finds Many Domestics Now Holding Value Better.
- Article from:
- Journal of Transportation
- Article date:
- November 14, 2009
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Edmunds.com, the premier resource for online automotive information, report that three-year-old used cars currently sell for about 16 percent more than they did this time last year. Typically, used car prices rise 4.6 percent from year to year.
"The remarkable price increase is easily attributed to basic economic principles: used car supply is down, and demand is up. Why is supply down? In recent years, automakers largely withdrew from leasing and now the effects are starting to kick in, so off-lease inventory is starting to dry up. Also, thanks to relative softness in the new car market, there aren't as many used cars being traded in. Meanwhile, demand is up ...