Used Cars Fetch 17% More Money in June
Used cars are not only more fresh these days, but they're also much more valuable. And this growth in value is showing up in the prices people are willing to pay for these pre-owned vehicles.
In fact, the total value of used cars sold in June was up 17.3 percent from a year ago, according to CNW Market Research, which said average transaction prices on used cars climbed about 17 percent, as well.
“Average transaction prices are up a comfortable 16.7 percent over a year ago as fresher and newer vehicles begin to enter the used-car market,” company president Art Spinella said in his analysis accompanying the firm’s monthly used-car sales roundup.
And this has occurred in light of the fact that there were 7.6 percent fewer used-car shoppers at franchised dealerships in June, 29 percent fewer consumers going to independent stores and 5.6 percent fewer consumers shopping for private-party used-car deals, according to CNW.
Overall, used-car sales in June beat year-ago figures modestly, and both independent and franchised dealers were down more than 5 percent, but year-to-date numbers across the board are edging 2013’s first half.
CNW said there were 4.51 million used cars sold last month, up from 4.49 million in June 2013. Franchised dealers had 1.64 million used sales, compared to 1.74 million a year ago. Independents sold 1.45 million units, down from 1.53 million a year earlier.
There were 1.42 million casual sales in June, a 16.9-percent year-over-year increase.
In the first half of the year, used-car sales totaled 20.34 million vehicles, up from 20.14 million through the first six months of 2013.
Franchised dealers have pulled in 7.34 million used sales, compared to 7.30 million through June 2013. Independents are at 6.67 million, against 6.63 million in the year-ago period.
There were 6.34 million casual sales in the first six months of the year, up from 6.22 million in the same period of 2013.