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Friday, 13 November 2020 17:39

Used Car Values Finally Cooling Down After a Red Hot Summer: Edmunds

Index

Used vehicle trade-in values are returning to normal levels after skyrocketing during the summer months, according to the car shopping experts at Edmunds.

Edmunds data reveals the average value for all vehicles traded in during the month of October dropped to $15,874, a 3.3% decrease compared to $16,411 in September. The average value for 3-year-old vehicles also dipped in October to $20,401, a 1.7% decline compared to $20,747 in September.

 

A more detailed chart that highlights this trend can be found on Edmunds here.


"After experiencing a remarkable surge over the past few months, used car values are finally cooling down now that some of the major supply issues faced by the industry are being addressed," said Jessica Caldwell, Edmunds' executive director of insights. "While inventory is still tight in some areas, we're expecting to see more lease returns make their way to the used market. This steady supply of near-new inventory will help address the increased demand we've been seeing in the market during COVID-19."

 

Edmunds experts also took a look at trade-in values for some of the most popular cars, SUVs and trucks sold in the U.S.---the Toyota Camry, Honda CR-V and Ford F-150---and found they all notably decreased across the board in October compared to September.

 

The average trade-in value for all used Toyota Camrys dropped to $12,508, a 7.6% decrease compared to $13,539 the previous month. The average trade-in value for all used Honda CR-Vs fell to $15,461, a 3% month-over-month decrease from $15,943. And the average trade-in value for all used Ford F-150s dropped to $23,677, a 5% decrease compared to $24,911 in September.

 

"We're finally hitting the tipping point in the used car market," said Ivan Drury, Edmunds' senior manager of insights. "If your household has a second vehicle...


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