AutoTrader.com: Used, CPO SUVs Lead Price Gains
In the midst of restricted supply and demand growth, average asking prices for used and certified pre-owned models continued to climb in August on a year-over-year basis, according to AutoTrader.com. The segment enjoying the heaviest gains on both the used and CPO sides is the SUV category.
Specifically, of the 20 most-searched used models on AutoTrader.com during Aug. 18 showed an asking price increase from August 2009. The same was true for the list of CPO vehicles.
And all four of the vehicles on the two lists that showed double-digit price gains (used Jeep Wrangler and the CPO models of the Chevrolet Tahoe, Honda Pilot and Acura MDX) were SUVs, AutoTrader.com pointed out.
Breaking it down, the used Wrangler's average asking price was $21,060, an 11.7-percent gain versus the year-ago period. The certified MDX saw its asking prices jump to $32,800, a 14.83-percent uptick, while average asking prices on the Pilot gained 11.43 percent year-over-year to $25,138.
The asking price for the CPO Tahoe was $34,029, compared to $30,712 in August 2009.
Meanwhile, models on the new-vehicle list were down in price, for the most part. This has not happened in quite some time, said AutoTrader.com president and chief executive officer Chip Perry.
Specifically, 14 of the 20 most popular units showed decreases.
"This is the first month in the last two quarters where we've seen the majority of new-car asking prices decrease," Perry continued. "If this trend continues, the price gap between new cars and late-model used or CPO cars will continue to shrink, perhaps making September the best time for car shoppers to more seriously consider purchasing a new car."
New-Vehicle Trends
Moving on to discuss trends on the new side in more detail, AutoTrader.com said "style, performance and utility" continued to be the driving forces for new-vehicle shoppers in August. The site found that its list of top-20 most-searched new cars is filled with sports cars like the Ford Mustang and Chevrolet — which placed Nos. 1 and 3, respectively, for most searches on the new side — along with SUVs, large trucks and sedans.
The modest prices as the gas pump have helped to spur the rebound in popularity for trucks and SUVs, which has also been lifted by the overall rebound in the economy and the fact that shoppers in the U.S. tend to favor larger models, according to AutoTrader.com.
In fact, 12 of the top 20 new vehicles and 11 of the top 20 models on each of the used and CPO rankings were either trucks or SUVs.
AutoTrader.com also noted gains in popularity from July for family cars like the Honda Accord and Toyota Camry.
Looking at this in more detail, neither the Accord nor Camry nor Honda Civic made the top 20 new-vehicle list in July. However, that changed in August.
The Accord was No. 11 (up from the No. 23 spot the prior month), the Camry was No. 12 (up from No. 28) and the Civic ranked 14th (after ranking 30th in July).
AutoTrader.com found a few trends that were illustrated by these models' making it back to the most-popular new-car lists. Shoppers' decisions to research these models were positively influenced by "aggressive marketing and incentive programs" that Honda and Toyota put in place, according to the site.
Also, consumers are again becoming interested in models that are practical, but have a bit of flair.
"There is a healthy balance of style, utility and practicality across new, used and CPO vehicles, which bodes well for the industry as well as the economy," Perry noted.
"When gas prices are high, car shoppers turn to smaller, more fuel-efficient vehicles," he added. "When gas prices are low, like they are now, shoppers widen their options and lean toward traditional favorites, which is what we're seeing with the still-strong showing of large trucks and SUVs and the return of the family car."
AutoTrader.com Sees Record Viewers
Continuing on, officials also said that the August traffic to the site was a record, as more than 16.6 million unique visitors came to AutoTrader.com. This marked better than a 7-percent year-over-year improvement.
Executives indicated that traffic to AutoTrader.com has been moving upward and hitting monthly records throughout 2010.
Also, AutoTrader.com said it passed a big landmark in August on the mobile side. Officials said that over 1 million unique visitors used their mobile devices to check out AutoTrader.com.
"The mobile car shopping continues to be something that many consumers want," Perry commented.
"We did a lot of research to make sure our mobile experience matched what consumers were asking for and the pace at which we've surpassed this important milestone is proof we got it right," he added.
The following are the top-20 lists for most popular used, CPO and new vehicles, respectively.
Used
1. Ford F-150
2. BMW 3-Series
3. Chevrolet Silverado 1500
4. Ford Mustang
5. Ford F-250
6. Honda Accord
7. Dodge Ram 1500
8. Jeep Wrangler
9. Honda Civic
10. Chevrolet Tahoe
11. Infiniti G35/37
12. Chevrolet Silverado 2500
13. Dodge Ram 2500
14. Toyota Tacoma
15. Nissan Altima
16. Jeep Grand Cherokee
17. BMW 5-Series
18. Audi A4
19. Toyota Tundra
20. Volkswagen Jetta
CPO
1. BMW 3-Series
2. Honda Accord
3. Chevrolet Silverado 1500
4. Toyota Tundra
5. Ford F-150
6. Toyota Camry
7. Chevrolet Tahoe
8. Audi A4
9. Honda Civic
10. Toyota Tacoma
11. BMW 5-Series
12. Acura TL
13. Ford Mustang
14. Volkswagen Jetta
15. Toyota Highlander
16. Honda Pilot
17. Toyota 4Runner
18. Acura MDX
19. Chevrolet Suburban
20. GMC Sierra 1500
New Vehicles
1. Ford Mustang
2. Ford F-150
3. Chevrolet Camaro
4. BMW 3 Series
5. Chevrolet Silverado 1500
6. Chevrolet Corvette
7. Ford F -250
8. Jeep Grand Cherokee
9. Dodge Ram 1500
10. Jeep Wrangler
11. Honda Accord
12. Toyota Camry
13. Chevrolet Silverado 2500
14. Honda Civic
15. Dodge Challenger
16. Chevrolet Equinox
17. Chevrolet Tahoe
18. Dodge Ram 2500
19. Ford F-350
20. GMC Sierra 1500