Used-Car Prices Decline as Summer Winds Down: CarGurus Used-Car Price Index Has Dropped 2.4% Since Spring Peak
CAMBRIDGE, Mass., August 29, 2012 -- CarGurus (www.cargurus.com), the automotive research and shopping website, today reported that the CarGurus Used-Car Price Index, which tracks the average price of a used car available for sale in the U.S., is currently at $19,316, down approximately 2.4% since prices peaked in May and down 2.2% from this same time last year. CarGurus analysts say they expect to see the average price of a used car continue to decline by at least another 4% through the end of the year.
“This Fall is setting up to be a good time for consumers to find savings on a used-car purchase, which is quite a change from a few months ago,” said Langley Steinert, founder and CEO of CarGurus. “The tight supply issues that drove many used-car prices up earlier this year seem to be resolving, and that, combined with a typical seasonal drop-off in demand, bodes well for shoppers. Still, we recommend that consumers do careful research and their price homework as they shop for the right car.”
By vehicle type, the downward price trend in recent months is consistent across all categories. Year over year, average prices on most vehicle types are presently lower than this time last year. The notable exceptions are vans, pickups and SUVs, in which average prices are presently higher year over year. Average prices on these large, less fuel-efficient vehicles were generally low in summer 2011 due to high gas prices and reduced demand.
The CarGurus Used-Car Price Index has tracked prices on more than 12 million used cars since August 2010.
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 listings search tool analyzes prices on millions of available cars and enables consumers to quickly find the best local deals from the best rated dealerships. Unlike many other listings sites, the search results rankings are unbiased by listings providers. With over 4 million unique visitors a month, CarGurus is currently one of the top 20 most trafficked auto research sites in the United States.