Dealers asking for 2.5% less on used vehicles than they were a month ago
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Dealers aren’t asking consumers to shell out quite as much on pre-owned vehicles in October as they were just a month ago.
Average asking prices for used vehicles listed dealerships in the U.S. as of Saturday were down 2.5% from four weeks prior, with nearly three fifths of vehicles showing price cuts exceeding 0.5%.
That’s according to the first weekly national snapshot of asking-price changes released Tuesday by OAV.io, which bills itself as “The Automotive Answer Engine.”
The report examined roughly 1.43 million used vehicles listed on U.S. dealerships and compared asking prices from Sept. 5 to those on Oct. 3.
OAV said pries of 58% of those vehicles were reduced by more than 0.5% during the four-week period,
In addition to the 2.5% overall drop, OAV broke down the data by segment.
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Asking prices for used SUVs fell 2.7%, as did the asking prices for used electric vehicles.
Van prices were reduced an average of 2.5%, while trucks were down 2.3% and cars were down 2.2%.
(OAV notes that EVs overlaps with body-class figures, since EVs are also counted in their respective body classes).
OAV plans to publish a new report each week. More information is available here.
“An asking price isn’t a fixed number. Across more than 1.4 million used vehicles listed on both dates, asking prices were cut by an average of 2.5% over four weeks. For shoppers and dealers alike, that’s useful evidence of how actively asking prices are being adjusted,” said Skye Haulman, founder and CEO of OAV.io.