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Used Vehicle Prices Remain High

Dec 22, 2014

According to CNW Research, “certified pre-owned vehicles” are keeping used vehicle prices high. Many car shoppers are turning to the used vehicle market and “certified” vehicles are viewed as a great alternative because they are usually only a few years old, with low mileage and backed by a warranty. In fact, CNW reported that the average price of a “certified pre-owned vehicle” rose 21% in November, compared to the same month last year. According to Kelley Blue Book, the prices of these vehicles remain high because dealers are having a difficult time keeping them as part of their inventory.Analysts report that overall transaction prices for used vehicles are up 15% this year when sales both through dealers and private parties are taken into account.