Senior Analyst and Director of Pricing and Industry Analysis
Sales of used vehicles in Q1 2015, saw a 1.8% year over-year gain after two years of first-quarter declines. The market is seeing a high volume of “near-new” used vehicles – up to only five years old or newer – which has been pumped up by lease returns. It’s also help certified pre-owned (CPO) vehicles see its highest first quarter sales figure ever. Vehicles sold in the three-year old and younger segment made up 48.6% of retails used vehicle sales during the first quarter – 7.6% over Q1 2014.
Used Vehicle Average Transaction Prices Reached $18,088, Highest Ever for Q1:
Price increase stems from simultaneous growth in both newer and older used vehicles.
Older Used Vehicles Have Seen Strongest Price Growth as Near-New Sales Boomed:
Price growth has been seen in virtually every segment, indicating continued strong demand.
Glut of Off-Lease Vehicles is Being Felt Most as Price Dip in Near-New Used Cars:
Demand is softening since market preferences have shifted towards light truck segments in light of low gas prices.