The industry recently closed out the fifth straight year of used-vehicle growth (0.4 percent year-over-year), according to NADA Used Car Guide’s latest Guidelines report. And the year’s closing prices constituted an 18-percent hike when compared to pre-recession values in 2007. Which models saw the biggest price jumps last year?
Supported by what NADA UCG’s Jonathan Banks says was a “unique combination of both consumer and commercial demand along with lower gas prices and comparatively tight supply,” large pickup price increases led the pack in 2013.
The segment saw their values rise 9.6 percent over 2012 levels. Throughout 2013, pickups enjoyed much stronger price retention than other segments, and were not affected by seasonal downturns.
And while supply for pickups was low, Banks said “large SUV supply was downright skeletal.”
Consequently, prices for the segment grew by 8.4 percent in 2013.
Next in line, the midsize car and midsize utility segments saw their prices rise by 3.7 percent and 2.3 percent, respectively.
Prices for the remaining segments closed out the year by a range of 0.5 percent (compact cars) to 1.5 percent (luxury cars), Banks concluded.