CarGurus Used Car Price Index Drops Slightly in September But Market Remains Daunting for Shoppers
Average Used Car Price Up Nearly 3% Year Over Year; Small Cars Up 15%
CAMBRIDGE, Mass., October 4, 2011 -- CarGurus (www.cargurus.com), a leading online automotive research site, today released its September Used Car Price Index, which shows that the upward trend that has defined the used auto market in 2011 is slowly correcting, although prices remained high through the third quarter. The CarGurus Used Car Price Index, which tracks the average list price of used cars over time, showed that the average price of all used cars dropped 1.03% in September, but was still 2.98% higher than last September. Prices of small cars - coupes and hatchbacks - dropped on average 1.73% in September, but remained up 15.56% year over year, the highest increases by far of any body styles.
| Body Style | Price Change in Sept. 2011 | Price Change Since Sept. 2010 |
|---|---|---|
| All Cars (CarGurus Price Index) | -1.03% | +2.98% |
| Coupes | -1.11% | +16.18% |
| Hatchbacks | -2.34% | +14.94% |
| Sedans | -1.62% | +6.92% |
| Wagons | -2.12% | +6.08% |
| Vans | -0.28% | +2.52% |
| Convertibles | -1.16% | +1.50% |
| Minivans | -0.18% | +0.66% |
| Crossovers | -0.84% | +0.02% |
| SUVs | +0.06% | -1.37% |
| Pickup Trucks | +0.03% | -1.60% |
"High gas prices sent demand up on small, fuel-efficient used cars this past spring, and with already tight supply exacerbated by lingering post-tsunami new car supply issues, prices soared," said Langley Steinert, founder and CEO of CarGurus. "As the Japan supply issues resolve and gas prices fall, we are now seeing a slight correction overall. However prices on used small cars remain quite high. Consumers looking for the best deal on smaller used cars need to shop carefully."
The CarGurus Used Car Price Index has tracked list prices on more than 12 million used cars since August 2010. Price trend information on specific models and manufacturers is available here: www.cargurus.com/Cars/price-trends/.
About CarGurus
CarGurus (www.cargurus.com) is a leading online automotive destination focused on making the car shopping and research experience more transparent for consumers. CarGurus' free DealFinder (www.cargurus.com/dealfinder) shopping tool offers consumers a transparent online car shopping experience, giving them instant guidance on the best deals in their local area. Unlike many other listings sites, the search results rankings are unbiased by listings providers.
Located in Cambridge, Mass., CarGurus was founded by Langley Steinert, co-founder and former Chairman of TripAdvisor, the largest travel site in the world.
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