CHICAGO -

Rising wholesale prices are making their way into the retail side of the business, based on recent research conducted by Cars.com.

Site analysts discovered that across all major manufacturers, the average price of a used vehicle increased 10 percent during the last year. They noted Hyundai (up 22 percent), Mercury (19 percent) and Ford (14 percent) showed the highest gains.

Among the top 15 used vehicles searched for on Cars.com, the site indicated the Chevrolet Camaro saw the highest increase in price ($2,312 or 16 percent year over year), followed by the Ford F-150 ($1,889 or 14 percent year over year). On average, the asking price among the top 15 used vehicles searched on Cars.com rose five percent — or $771 — year-over-year.

“A year ago, 2007 Hyundai Elantra GLS with about 40,000 miles was listed for about $9,900,” shared Patrick Olsen, editor in chief of Cars.com.

“Today, that same 2007 Hyundai Elantra GLS with a few thousand more miles has increased in price by $200,” Olsen continued. “While most people would expect the value of their used car to drop year-over-year, what we’re seeing is that used cars are actually appreciating in value right now."

According to Olsen, it’s a basic example of the laws of supply and demand.

“Cash for Clunkers played a big part in creating the shortage of quality used vehicles in the market,” he surmised. “But there are a number of other mitigating factors at work.

“The sluggish economy has pushed more people out of the new car market into the used car market,” Olsen asserted. “Automobile leasing is another important consideration — three years ago manufacturers weren’t offering very many lease specials, and vehicles coming off leases are usually a large part of the used car supply.”

While dealers have felt the pinch for a while, Olsen believes these rising retail prices are not necessarily bad news for buyers.

“Late-model used cars can still be a terrific bargain for shoppers, as most of a car’s depreciation will take place during its first year,” Olsen explained. “And rising values for used cars can also mean your trade-in has likely also risen in value, as dealers look for vehicles to fill their used-car lots. 

“When you’re ready to buy a car, it’s less important to worry about small fluctuations in wholesale and retail prices, and more important that you’ve done your research to ensure you’re getting the best value for your trade-in and the best price for your next car,” Olsen suggested.