Demand Pumps Up Auction Prices
Used-car prices at auction have increased 8% since the start of the year, averaging more than $10,000 for the second straight month, according to fresh data from ADESA Analytical Services.
Meanwhile, conversion rates — the number of units sold as a percentage of those offered — remained “well above” the 60% norm, according to ADESA.
Among all vehicles, the average auction price in July was $10,017, down 1.2% from June but up 7.3% from July 2008.
A number of truck segments showed double-digit increases from last year. The reason: Auction prices for trucks were hammered hard last summer when gas prices skyrocketed. Prices for full-size SUVs, for example, shot up 38.5%. On a dollar basis, the price for a full-size SUV averaged $13,542 in July, compared with $9,781 in July 2008.
Here’s a look at how average used-vehicle prices have trended since the start of the year, courtesy of ADESA Analytical Services:
Meanwhile, conversion rates — the number of units sold as a percentage of those offered — remained “well above” the 60% norm, according to ADESA.
Among all vehicles, the average auction price in July was $10,017, down 1.2% from June but up 7.3% from July 2008.
A number of truck segments showed double-digit increases from last year. The reason: Auction prices for trucks were hammered hard last summer when gas prices skyrocketed. Prices for full-size SUVs, for example, shot up 38.5%. On a dollar basis, the price for a full-size SUV averaged $13,542 in July, compared with $9,781 in July 2008.
Here’s a look at how average used-vehicle prices have trended since the start of the year, courtesy of ADESA Analytical Services:
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