Used car prices have reached a new high.
But shoppers still can take advantage of record savings on used cars, because the gap between used and new models “has reached the widest point that the industry has ever seen.”
On average, savings from buying a three-year-old vehicle instead of new have increased nearly $3,000 since last year to about $13,300 from $10,600, said Edmunds’ latest Used Car Report, with savings ranging as high as 48 percent compared to the same model purchased new.
“Near-new vehicles offer greater savings now than they ever have before, thanks to a constant supply of off-lease vehicles and a shortage of older vehicles in the market,” said Ivan Drury of Edmunds.
The average used-car price now is $22,489, while the average new-car price is $35,828, said Edmunds.
Edmunds reached its conclusion after sampling the values of three-year-old vehicles compared to new models for the 20 top-selling used vehicles in America, ranging from the Toyota RAV4 at No. 20 with 29 percent savings to the BMW 3 Series at No. 1 with 48 percent savings.
The biggest savings are for three-year-old luxury midsize cars, sports cars and large cars at 48 percent, 45 percent and 43 percent, respectively, when compared to their new counterparts, the automotive research company reported. The least amount of savings was on midsize trucks, luxury large cars and large trucks, averaging 27 percent, 30 percent and 33 percent.
Edmunds expects the savings on used cars to continue “in a predictable manner into the near future unless tariff policy changes come into play” and new-car buyers shift their sights to near-new.
Savings by model
- BMW 3 Series, 48 percent
- Chevrolet Malibu, 46 percent
- Chevrolet Cruze, 45 percent
- Ford Focus, 44 percent
- Ford Fusion, 42 percent
- Nissan Altima, 42 percent
- Chevrolet Equinox, 41 percent
- Ram 1500, 40 percent
- Ford Escape, 39 percent
- Toyota Camry, 38 percent
- Jeep Grand Cherokee, 38 percent
- Hyundai Sonata, 37 percent
- Honda Accord, 36 percent
- Chevrolet Silverado 1500, 35 percent
- Jeep Wrangler, 33 percent
- Honda Civic, 33 percent
- Ford F-150, 32 percent
- Toyota Corolla, 32 percent
- Honda CR-V, 30 percent
- Toyota RAV4, 29 percent
The highest-priced vehicles on the list, used or new, are the BMW 3 Series, Ram 1500, Jeep Grand Cherokee, Chevrolet Silverado 1500, Jeep Wrangler and Ford F-150.
Savings by category
- Luxury midsize car, 48 percent
- Sports car, 45 percent
- Large car, 43 percent
- Midsize car, 41 percent
- Luxury compact SUV, 40 percent
- Van, 40 percent
- Luxury subcompact SUV, 39 percent
- Luxury large SUV, 39 percent
- Luxury compact car, 39 percent
- Luxury midsize SUV, 39 percent
- Large SUV, 38 percent
- Luxury sports car, 38 percent
- Subcompact car, 37 percent
- Subcompact SUV, 37 percent
- Luxury subcompact car, 36 percent
- Compact car, 36 percent
- Midsize SUV, 35 percent
- Compact SUV, 33 percent
- Minivan, 33 percent
- Large truck, 33 percent
- Luxury large car, 30 percent
- Midsize truck, 27 percent
One more thing Edmunds suggests is predictable.
If you spot a used vehicle you want, you better not wait too long until you buy it.
Edmunds said three-year-old vehicles are sitting on the lot for an average of only 38 days, which is the lowest the research company has on record for any quarter back to 2005.