Used vehicle prices continued to ease in September, with practical and fuel-efficient models moving off dealer lots the fastest, according to new data from CarGurus.
According to the company’s Used Car Price Index, used vehicle listing prices were down 2.1 per cent year-over-year at the end of September. Average listing prices also declined for 8 of the 10 best-selling used vehicles on the platform.
The report found the Honda Civic was the fastest-moving used vehicle in September, selling in an average of 34.3 days while its average listing price fell 6.2 per cent from a year earlier. Other fast-selling models included the Subaru Crosstrek, Toyota Corolla, Honda HR-V and Toyota RAV4 Hybrid.
Among the 10 top-selling used models, the largest year-over-year price decline was recorded by the Ford Escape, down 9.3 per cent. The Ford F-150 and Toyota RAV4 were the only vehicles in the top 10 to post price increases, rising 4.1 per cent and 1.2 per cent respectively.
“The big news here for shoppers is that average listing prices are lower than they were a year ago for eight of these 10 models,” said David Undercoffler, head of consumer insights at CarGurus.
According to the report, average days on market for the fastest-selling used vehicles fell to 36.9 days in September from 37.8 days in August, reflecting increased demand for smaller cars and practical crossovers.
“Demand for practical, high-volume models like the Crosstrek, HR-V, CR-V and RAV4 suggests shoppers are moving quickly when they find the kinds of vehicles that work for everyday needs, especially as they weigh price, fuel economy and versatility,” said Undercoffler.
