Used Car Price Trends After COVID-19: A Short Guide on Makes and Styles
The coronavirus COVID-19 first showed its face in China December 2019. It reached the US shores somewhere towards the end of January 2020. Since then, it has turned into a raging pandemic that has put the global economy into a coma and has hit auto sales like no other time in the past century. Like many aspects, the COVID-19 has left its profound impact on the used car market as well. And the associated auto supply and demand has created price trends in the categories of body styles and makes.
So, here is a short financial guide. A brief explanation of what is pricey and cheap. Budget along these lines and visit the best auto dealers of used cars with a solid plan in mind.
Price trends of makes
The average price of all used cars from December 2019 to May 2020 has been exactly $20,008. This is a decline by a factor of 3.79% from last year. White Horse Road auto sales report shows that among the top 5 carmakers in the US, Ford was the costliest brand. Chevrolet followed it closely and trailed by Toyota. Honda was the cheapest make with an average price hovering just under $16,000.
Rest, with their modest sales figures, commanded lower average prices. Volkswagen, for example, sold at a price of $13,400 in the top auto dealership in White Horse Road, Greenville, SC. Kia, Nissan, and Hyundai lay in the same bracket while the less popular models like Scion and Mercury commanded average figures of $10,000 and $8,000 respectively. Among the luxury brand, Acura was the cheapest while Bentley was the costliest. And premium sportscar makes like Lamborghini went well over $150,000.
Price trends as per body styles
Throughout the starting of 2020, customers have brought used cars for dealers of one style and took home vehicles of another style. This trend has increased the average price of the latter and decreased the former’s. Sedans have seen a massive 5% drop in prices from last year owing to their increased supply while SUV prices have gone up by 1.09%. Naturally, customers are preferring utility and space over mere comfort and hence, SUVs are seeing increased demand.
Hatchbacks are selling the cheapest, as per White Horse Road auto sales, at an average price of $11,700. Pickups and SUVs are going neck to neck at around $25,800. Sedans carry a modest figure of $15,000 while crossovers are going at $18,000. Note, that these do not include the credit payments. Obviously, financing will take these prices higher. But when you hit the used car dealerships in 2020 and beyond, COVID-19 will have changed the prices than what you saw before. Be informed and shop smart. And buy the style and make as per your current budget.
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