CarGurus Used Car Price Index Down 1.7% This Fall
CAMBRIDGE, Mass., November 1, 2011 -- CarGurus (www.cargurus.com), the auto research and shopping website, today released its CarGurus Used Car Price Index for October, which showed the average price of a used car at $19,278, down by 0.88% from September and down 1.7% from August. Used car prices peaked last April, then dipped slightly before climbing up again in late summer. The CarGurus Used Car Price Index tracks the average price of used cars over time.
Despite the recent Fall downtrend, the average price of a used car remains up 2.86% over last year at this time. Such year-over-year price increases are most significant for hatchbacks (up 13.62% over last October) and coupes (up 14.89% over last October) and are negative for SUVs (down 0.26%) and pickups (down 1.49%).
"Prices on most used cars are still high, however the overall picture is certainly better than it was for consumers last spring and summer," said Langley Steinert, founder and CEO of CarGurus. "With prices less erratic and demand expected to drop further as winter approaches, consumers should be in a better position to gain clarity on market values and negotiate with dealers."
The CarGurus Used Car Price Index has tracked list prices on more than 12 million used cars since August 2010. For more information about price trends on specific brands and models or in specific regions of the country, please visit www.cargurus.com/Cars/price-trends/.
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.