Edmunds.com: Used Retail Prices Spike in July

SANTA MONICA, Calif. — The average used-vehicle retail transaction price during July was up double-digits from a year ago, with a few individual models — mostly SUVs and crossovers — showing hikes of more than 30 percent, according to Edmunds.com.

Specifically, transaction prices for three-year-old used vehicles in July averaged $19,248, which marks a 10.3-percent year-over-year uptick.

"Consumers are generally paying considerably more for used cars this year compared to 2009," explained Joe Spina, an Edmunds.com senior analyst. "A lack of confidence in the economy is driving more people to used cars, putting upward pricing pressure on a limited supply of vehicles."

On a month-over-month basis, these used prices fell 2.1 percent, which is seasonally normal, according to Spina.

Looking at some individual vehicles, the Cadillac Escalade showed the greatest hike in averaged used vehicle True Market Value from July 2009, as it climbed 35.6 percent to $34,715.

The Chevrolet Suburban was No. 2 (up 34.2 percent), followed by the Dodge Grand Caravan (up 34 percent), BMW X5 (up 33 percent) and the Acura MDX (up 29.2 percent), respectively.

Edmunds.com also offered a chart breaking down the data by segment: