If you thought the‘s effect on the auto industry was in the past, think again. New data from iSeeCars shows the pandemic continues to crash over , and essentially, the best deals for any shopper are well behind us — especially if you’re shopping for a new car.
But for those moving to the used car market, it’s a tough pill to swallow, too. Data shows used car prices are up a whopping 9.5% from this time last year. In dollars, the percentage increase translates to an average price hike of $2,193. The narrative remains the same, however. As more buyers can’t find a new car they want due to, they’re looking at a comparable used car. Supply and demand shows as more buyers want a used car, prices increase.
There are two segments where used car prices are really punching at buyers’ wallets more: pickup trucks and, surprisingly, convertibles. For those seeking a drop-top automobile in the used market, prices are up 27% from this time last year. Expect to pay over $10,000 more on average for a used convertible compared to this time last year. Yikes. Meanwhile, pickups cost, on average, 14% more, or $4,400.
As an example, the data shows a usedpickup right now on average costs $32,841, an increase of $5,911 from this time last year. And a used convertible costs $25,435 on average today. That’s up $3,997 from last year. The car that saw the highest price increase year-over-year is actually the , which on average rings in at $34,157, up nearly $7,000.
There’s another side to high used car prices, though. It also means those trading in or selling a car are receiving far greater values as demand pushes prices higher. That bodes will for those applying the credit toward a new car, potentially, or perhaps it washes out when purchasing a used car noting higher prices across the board.
Used vehicles with the greatest price increases
|Rank||Used vehicle||Average price (Oct. 2020)||Price change from Oct. 2019||YoY increase|
|1||BMW 5 Series||$34,157||$6,924||25.40%|
|3||Ford Mustang coupe||$29,540||$5,060||20.70%|
|5||GMC Sierra 1500||$38,750||$6,380||19.70%|
|6||Ford Mustang convertible||$25,435||$3,997||18.60%|
|10||Chevrolet Silverado 1500||$34,245||$4,876||16.60%|