Used car prices are rising and the percentage of people buying certified pre-owned cars is also increasing, according to data from Edmunds.com. The average price paid in the U.S. for a used three-year-old vehicle in September 2010 was up nearly $1,500 -- an 8.5 percent increase from September 2009. This high demand for used cars is good news for consumers selling or trading in their used cars but not good for buyers who will have to pay higher prices.
One factor driving up used car prices is that the supply of used vehicles is tight, stated Edmunds.com Analyst Joe Spina. Automakers are responding by emphasizing their certified pre-owned car (CPO) sales programs from which dealerships make more money than on non-certified cars. CPO cars sell for a higher price, typically $1,000 more, because they are pre-inspected and carry an extended factory warranty.
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