Used-vehicle prices are achieving highs that will start to drive used-vehicle buyers to new cars, says Tom Kontos in Adesa's April Current Used Vehicle Market Conditions and Outlook.
Wholesale used vehicle prices in March averaged $10,549 — a 4 percent increase from February and a 6.8 percent increase from prior year.
Wholesale used-vehicle prices in February averaged $10,138, a 3 percent increase from November 2009 and an 8.3 percent increase from the prior year. This is the first time since July 2009 that average prices have topped $10,000.
Tom Kontos of Adesa reports that wholesale used vehicle prices in October averaged $9,447 -- a 3 percent decrease from September, but a 9.5 percent increase from last year's October results.
In his monthly used vehicle market conditions commentary, Tom Kontos of Adesa reports that wholesale used vehicle prices in September averaged $9,742 -- a 2.1 percent decrease from August but a 2.1 percent increase from September 2008.
According to ADESA Analytical Services' monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in August averaged $9,949 -- a 0.7 percent decrease from July but a 3.9 percent increase from August 2008.
KAR Holdings, Inc. is the holding company for ADESA, Inc., a leading provider of wholesale used vehicle and salvage auction services in North America. Timing has not been announced.
In his July commentary, Tom Kontos of Adesa says that firming used vehicle prices resulting from low trade-in supply and strong used car demand are conditions that have been in place for the entire year.
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According to the report, average prices were up on a year-over-year basis for the first time since December 2007.