Second quarter average transaction prices for franchise used vehicles hit $16,781 -- the highest price on Edmunds.com record. Additionally, in the second quarter, CPO made up 20.4 percent of the franchise used market.
by Staff
September 3, 2014
2 min to read
Edmunds.com recently released its Q2 2014 Used-Vehicle Market Report, which noted a record breaking quarter for used-vehicle values. Second quarter average transaction prices for franchise used vehicles hit $16,781 -- the highest price on Edmunds.com record. Used-vehicle sales for the second quarter of 2014 were up 1.6 percent year-over-year, but down 5.4 percent from the first quarter of 2014.
According to the report, the van segment experienced an influx of late-model Ford vans, E-Series, and Transit Connects, which boosted the segement average retail price by 17.7 percent. The mid-size traditional SUV category has regained market share in the new-vehicle market recently, however, a low availability of used models in the market is increasing overall prices for this segment.
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Most notably, mid-range luxury SUVs experienced a 16.9-percent lift in market share year-over-year, which can be attributed to an increase of used Acura MDX, BMW X5, and Mercedes-Benz M-Class and GL-Class models hitting the market and increased demand for these vehicles, according to the Edmunds.com report.
As more automakers focus their efforts of boosting Certified Pre-Owned (CPO) vehicle sales, the trend of treating a CPO vehicle as a “near new” vehicle has also brought cash back and low APR incentives offers, according to Edmunds.com.
In the second quarter, CPO made up 20.4 percent of the franchise used market. While CPO has seen a slight bump in share, there still is plenty of room for growth. This market helps bridge the gap for car shoppers buying used but still receiving some of the new vehicle peace of mind.
Additionally, big increases in lease returns typically apply downward pressure on prices but create opportunities to certify and sell more CPO vehicles. Lease returns generally meet manufacturer's eligibility requirements for certification because of low mileage, condition, and age. CPO sales command higher prices and minimize impacts to transaction prices.
To view the report in its entirety, visit Edmunds.com.
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