Consumers are paying $10,000 more to buy a used car than if the economy were 'normal' and older vehicles were following the typical pattern of depreciation, a recent study finds.
Consumers are paying $10,000 more for to buy a used car than if the economy were"normal" and older vehicles were following the typical pattern of depreciation, according to a recent study from CoPilot, a car buying app. to a recent CoPilot analysis. The average used car price was $33,341 in June, although"nearly new" cars – those between one and three years old — rose 1% to an average list price of $42,314 in June compared with the prior month.
The analysis also found that the price of 1- to 3-year-old cars now fetch a record premium of $13,145 above"normal" prices. A rule of thumb is that cars typically lose value as soon as you drive them off the lot, but the CoPilot study found that the pandemic is upending those dynamics. For instance, among all types of used cars, only 8- to 13-year-old cars depreciated in June, the study found. A shortage of new cars is pushing more buyers into the used-car market, which is leading to price increases for those vehicles.
"[T]he used car market overall still has a long road back to normal," CoPilot founder and CEO Pat Ryan said in a statement."Despite a number of challenges facing the overall economy, the market has not softened to the degree that might have been expected."
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