Used car prices are going up. In the second quarter of this year, the average price of a used vehicle was $19,227, some 2.1% higher than in the second quarter of last year.
Buyers looking for a used pickup or sport utility vehicle (SUV) will feel the pinch more than used car buyers. According to Edmunds, five years ago an average 10-year old midsize SUV retained just 16% of its new manufacturer’s suggested retail price (MSRP). In the second quarter of this year, a 10-year old midsize SUV had a retained value of 32.5%.
There is a bright spot for used vehicle buyers however. Edmunds notes:
[S]hoppers who have a bit more to spend and are looking for a newer used car may be able to find unexpected bargains. A glut of off-lease vehicles and rising incentives are putting pressure on the residual values of newer cars, causing them to depreciate more quickly.
If you are in the market for a used vehicle, don’t dawdle. The 10 fastest selling used vehicles are on the market for an average number of days well below the overall average of 33.4, according to research from iSeeCars.com. And while these vehicles are not among the most popular, they may be available at a highly affordable price.
One interesting point about these 10 cars is that six of them are either all-electric or plug-in hybrid models. The two fastest sellers, the Fiat 500e and the BMW i3, have seen price drops of 40.4% and 38.4% year over year. Here’s the full list, along with the vehicle’s average number of days on the market.
- Fiat 500e (all-electric): 22.2 days
- BMW i3 (plug-in hybrid): 23.2 days
- Lexus IS 200T: 24.5 days
- Toyota Plug-in Hybrid: 24.7 days
- Hyundai Veloster Turbo: 24.9 days
- Nissan Leaf (all-electric): 25.0 days
- Scion FR-S: 25.1 days
- Mercedes-Benz GLC: 25.7 days
- Ford Fusion Energi (plug-in hybrid): 26.1 days
- Tesla Model S (all-electric): 26.1 days
A one- to three-year old Fiat 500e sells for an average of $9,055, down from $15,187 a year ago. The average price for a vehicle of that age is nearly $21,000. At less than half that, a Fiat 500e may just be too good a deal to pass up. The BMW i3’s average price is $23,603 down from $38,285 last year.
And if you want a used Tesla Model S, be prepared to pay more this year, 3.5% more, or $70,372, compared to $67,992 a year ago.
The full report is available at the iSeeCars.com website.