For Used Car Shoppers, ‘Tis the Season to Find a Great Deal
CarGurus Used Car Price Index Down 5.4% from Spring High
CAMBRIDGE, Mass., December 9, 2014 -- The 2014 holiday season is a great time to buy a used car, reports CarGurus, a leading automotive research and shopping website. According to the CarGurus Used Car Price Index, the average list price of a used car ($18,469) has dropped 5.4% since its May 2014 high, reflecting a seasonal downtrend that CarGurus analysts project will continue by as much as 2% through the end of January.
Analysts forecast that prices will begin rising in February as consumer demand picks up, and continue increasing through late spring.
“For used car shoppers, it really is the most wonderful time of the year to find a great deal,” said Dave Galvin, Director of Data Analytics. “If a car purchase is on your radar, don’t wait. Getting your search underway now could save you hundreds of dollars.”
CarGurus’ analysts have found that the primary driver of the seasonal dip in used car prices is shopper demand, highest in spring and summer months, and declining through the end of the year. Dealers adjust prices accordingly to attract customers and move inventory. Analysts also note that consumer shopping interest typically comes back strong by January, and prices follow, rising again in February.
As with any car purchase at any time of year, CarGurus experts suggest researching price, vehicle history and dealer reputation.
For this study, CarGurus analysts examined past and current seasonal price trends based on data from the CarGurus Used Car Price Index, which has tracked list prices on millions of used cars since 2010. More information from CarGurus on price trends can be found here: https://www.cargurus.com/Cars/price-trends/.
CarGurus is a car shopping and research website that helps users find great deals from great local dealers. Located in Cambridge, MA, CarGurus was founded in 2006 by Langley Steinert, co-founder and former Chairman of TripAdvisor. More than 11 million unique users visit CarGurus each month to research and shop for new and used cars.