Prices for Used Vehicles Rise Sharply from 2008 to 2010
October 25, 2010
The collapse of new vehicle sales in 2008 has led to lower sales volumes of new vehicles. Also, consumers and business are holding on to their vehicles longer. Both of these factors have resulted in a shorter supply of used vehicles, driving up the price. The graph below illustrates this effect, showing that for these selected vehicles, the price for a 2007 model is higher in 2010 than it was two years earlier when the vehicle was only one year old.
Used Vehicle Prices for Selected 2007 Models, September 2008 - September 2010
Used Vehicle Prices for Selected Models, September 2008 – September 2010
| Ford Expedition | Chevrolet Tahoe | Ford F-150 | Chevrolet Silverado | |
|---|---|---|---|---|
| Sep-08 | $13,325 | $19,325 | $17,675 | $18,300 |
| Sep-09 | $19,300 | $24,425 | $20,725 | $20,325 |
| Sep-10 | $18,400 | $22,025 | $20,525 | $20,225 |
Note
Prices based on Black Book values.
Source
Automotive News, September 13, 2010. Crain Communications, Inc.