The average 3-year-old used vehicle sold for $14,951 less than its new equivalent in the third quarter, according to the latest Used Vehicle Report released by Edmunds.
This marks the largest price gap between 3-year-old used vehicles and their new counterparts that Edmunds has on record for the third quarter.
This price discrepancy is in large part due to the influx off-lease trucks and SUV in the used and new markets, Edmunds noted. The inventory mix in both the new and used markets is skewing more toward these larger vehicles, and its causing average transaction prices to rise in both markets.
Edmunds forecasts that combined SUV and truck lease returns will account for 52.6% of all lease returns in 2019, making it the first time that trucks and SUVs will surpass the number of off-lease passenger cars returning to market.
Edmunds expects that off-lease volume entering the used market will continue to grow in the years to come.
"As the used market grows increasingly saturated with off-lease vehicles, the price gap between new and used car prices is likely only going to continue to widen," said Ivan Drury, Edmunds senior manager of Insights.