SANTA MONICA, Calif. -

As the number of off-lease vehicles entering the remarketing cycle continues to grow — another 800,000 are expected to hit the market next year — the average transaction prices for used vehicles are on the way up.

Many of these off-lease vehicles are near-new, and in light of the influx of these models, the Edmunds.com Q3 2015 Used Vehicle Market Report showed used-vehicle prices soared to hit a Q3 record.

This past quarter, the average transaction price for a used vehicle came in at $18,427, and nearly every vehicle type saw a spike in transaction price with one exception: the subcompact cars, which Edmunds.com analysts say is a sign of smaller vehicles continuing to struggle in light of low gas prices.

For comparison, in Q3 of 2014, the average used transaction price was $17,300. This past quarter’s numbers marked a 2.2-percent decline from Q2, mostly due to seasonality, but the 6.3-percent jump year-over-year is the largest gain on record, according to Edmunds.com.

The reasoning behind the significant jump?

Edmunds.com cites the fact that used vehicles are continuing to “get newer.” Take this stat into account: The report states there were 7.3 percent more sales of used vehicles that were 3 years old or less in Q3 2015 than during the same period last year.

“The percentage of new adjacent vehicles sold is now well over a third of used sales at 39.1 percent, up from last year’s 36.5 percent,” the report stated. “This trend will continue since with each year since the recession, leasing has become an essential tool to sell new cars, which fuels the 'new-adjacent' market.”

Edmunds also outlined the segments that contributed the most to the retail used price movement in Q3.

The midsize cars, compact cars and large trucks accounted for over 40 percent of used sales, which analysts say is “a reflection of their popularity in he new-car market.”

Midsize cars took 16 percent of the market share with an average transaction price of $13,600, while compact cars notched 15 percent with an average price of $12,100.

Large trucks took 10 percent of the market and touted an average price of $24,600 in Q3.

“Large trucks are showing strong values based upon increased demand for the vehicle type across all model years,” Edmunds analysts said in the report. “Each model year is showing an increase in price and a drop in days-to-turn.”

That said, the story is a bit different for midsize and compact cars.

“Near-new model years of midsize and compact cars are suffering from supply saturation generated by leasing, thus depressing prices,” the report stated. “Meanwhile, their older counterparts are experiencing a noticeable gain in value since they provide basic commuter transportation for consumers new to the market.”

And as used transaction prices soar, buyers are having more trouble covering the monthly payments. Consequently, many are turning to longer-team auto loans to combat high prices on the lots.

Edmunds reported higher vehicle values have caused a “dramatic shift” in the way consumers finance.

“In order to keep monthly payments at manageable levels the trend toward loans over five years is now the norm,” analysts said.

For comparison, looking back five years ago these type of loans only represents 40 percent of business. Today, they are the majority at 65 percent.

We will have to wait and see if this impacts supply in coming years as consumers hold onto vehicles longer, and negative equity could become an issue as loan-terms continue to extend.