A recent report from iSeeCars showed that the average price for a used car during the month of August increased 4.1% over the previous month. Last month’s average price was $23,705, compared to $22,764 in July.
The top 10 models with the largest price increases far exceeded the average, according to iSeeCars. The study also found that virtually all 10 models were luxury vehicles. The Dodge Challenger had the largest price increase, by percentage, at 9.0%, followed by the Land Rover Range Rover Sport at 8.9%, the Volvo S60 at 8.6% and the Lexus RX 350 at 8.4%. Both the Land Rover Discovery Sport and the BMW 4 Series saw price increases of 7.9%, and the prices for the BMW 7 Series and the Volvo XC60 rose by 7.6% each. Rounding out the rest were the Ford Mustang (7.2%) and the Land Rover Range Rover Evoque (7.0%).
iSeeCars also studied which models saw major price drops from July to August. The Chevrolet Sonic had the largest decrease, at 2.3%, followed by the GMC Yukon XL at 1.9%. The Chevrolet Spark and the Ford Fusion Energi both saw their prices fall by 1.8%. Five models saw a 1.1% price decline: the Ford Ecosport, the Mazda 6, the Porsche 911, the Hyundai Elantra GT and the Lincoln MKZ. The Nissan Altima rounded out the list with a 0.8% price decrease. According to iSeeCars, more than half were either midsize sedans or subcompacts.
Used cars are more in demand by buyers due to the COVID-19 economy, resulting in higher prices for the more popular models. However, when you buy an older vehicle, your car will start to develop more problems as you continue to drive it. Rather than spend money trying to repair your junk car, get money for it by selling it to Gershow Recycling. Call (631) 371-2031 or visit https://clunkersintocash.com/.