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Summer 2019 was the most-expensive for used-car prices in years

used cars,

Data from the past 3 years has shown that summer is often a chic season once it involves used automotive costs. however new knowledge half-track across quite a half-million vehicles sold-out at CarMax ($NYSE:KMX) reveals that the summer of 2019 was the most-expensive amount on record for used-car costs.

used cars,

The average value of a second user automotive for the months of June, July, and August 2019 was right around $22,000, a minimum of $1,000 quite the summer of 2018.

used cars,

The new averages reflect a 7.2% year-over-year change in price for June 2019, 6.8% for July, and 4.5% in August. That compares with year-over-year changes in 2018 of -0.3%, -1.6%, and 1.2%. 

The rise in prices for used cars doesn't appeared to be related to a paucity of availability. Rather, inventory at CarMax has risen steadily throughout most of 2019 and certainly during the summer months.

used cars,

Meanwhile, the value of used cars appears to be going down. That's because the average mileage of a used car has been steadily rising since last spring. In April 2019, the average mileage of a car sold at CarMax was 37,300 miles. That crept up to 40,000 miles by August 2019.

used cars,

To be fair, average mileage was still a bit lower than last summer. Compared year-over-year, average used-car mileage was down more than 4% in June 2019.

used cars,

As for what was driving prices up (or down), the most expensive make and model for the Summer of 2019 at CarMax was the Mercedes S63 AMG. In fact, the top-four most-expensive cars for the summer were all Mercedes', followed by Teslas (which were pretty rare - only 7 Model X's showed up followed by 24 Model S's).

used cars,
used cars,

As for the most plentiful car, that went to the Nissan Rogue, with an average price of $17,560 with more than 118,000 listings (cumulative across the summer), followed by the Honda Civic, which went for $17,458 on average with 112,000 daily listings this summer.

used cars,

There are any number of reasons as to why the summer of 2019 was the most expensive on record for used-car prices, but the trend most likely represents a change in the way consumers perceive the value of pre-owned vehicles. It's too early to say if this was a summer phenomenon or if the trend will continue into fall and winter. We'll keep an eye on it as usual.

About the Data: 

Thinknum tracks companies using information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.

Source media.thinknum.com
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