October Used Car Prices Up 9.5 Percent

By Julie Blackley

Used Cars with the Greatest Price Increases and Decreases 

  • The average price increase for used cars is 9.5%, or $2,193 compared to last year
  • Convertibles saw the greatest increase of any segment with a 27.2% rise in price
  • Vehicles with greatest price increases are sports cars and pickup trucks
  • Despite trend of used car prices increases, some vehicles also decreased in price
 

Used car prices have climbed in recent months due to heightened demand and inventory shortages in the wake of COVID-19. According to iSeeCars.com’s latest analysis of over 1.2 million used car sales in October 2020, used car prices had an average increase of 9.5 percent or $2,193 compared to the previous year.  

iSeeCars’s analysis determined the vehicles with the largest increases and decreases in price, which present opportunities for consumers looking to buy or sell. “Interest rates are lower than normal, which can help offset heightened used car prices for anyone who needs a car in the short term,” said iSeeCars Executive Analyst Karl Brauer. “The cars with the biggest price increases likely translate to higher trade-in values for consumers who own these cars, while cars with price decreases present savings opportunities for those looking to make a used car purchase.”

Used Car Sales By Body Type

iSeeCars analyzed used car pricing by body type to see which had the largest gains compared to the overall average of 9.5 percent.
Used Car Price Increase in October 2020, by Bodystyle - iSeeCars Study
Bodystyle % Change from Last Year Average $ Increase
Convertible 27.2% $10,429
Coupe 15.9% $5,325
Pickup 14.0% $4,413
Overall Average 9.5% $2,193
Sedan 7.9% $1,420
SUV 7.8% $1,856
Hatchback 6.4% $984
Wagon 5.9% $1,007
Minivan 2.0% $1,126
Every vehicle segment increased in price compared to last year, while convertibles, coupes, and pickups all increased far above average.

“Demand for sports cars outpaces what is available in the used car marketplace, and dealers don’t have to be competitive with pricing because buyers of these kinds of cars may not be bargain-conscious,” said iSeeCars Executive Analyst Karl Brauer. “Pickup trucks have soared in popularity and sales remained steady even during the pandemic, which shows that people may need pickup trucks for work and are willing to pay top dollar.”

Used Vehicles With the Greatest Price Increases 

The top ten vehicles with the greatest price increases have increases ranging from 1.8 to 2.7 times greater than the average vehicle, and are made up of mainly sports cars and pickup trucks.
Used Vehicles with the Greatest Price Increases - iSeeCars Study
Rank Used Vehicle Average Used Car Price (October 2020) $ Price Change from October 2019  Oct Y-o-Y Price Change
1 BMW 5 Series $34,157 $6,924 25.4%
2 Ram Pickup 1500 $32,841 $5,911 21.9%
3 Ford Mustang  (Coupe) $29,540 $5,060 20.7%
4 Dodge Charger $28,394 $4,812 20.4%
5 GMC Sierra 1500 $38,750 $6,380 19.7%
6 Ford Mustang (Convertible) $25,435 $3,997 18.6%
7 Chevrolet Camaro $28,715 $4,455 18.4%
8 Dodge Challenger $32,409 $4,786 17.3%
9 Toyota Tundra $38,046 $5,535 17.0%
10 Chevrolet Silverado 1500 $34,245 $4,876 16.6%
Average $25,299 $2,193 9.5%
The vehicle that has the greatest price increase is the BMW 5 Series luxury midsize sedan, which has risen in price by 25 percent or $6,924 in October 2020 when compared to October 2019. “The BMW 5 Series is more expensive than most midsize luxury sedans, so it attracts buyers who want to pay a premium for BMW’s quality and performance,” said Brauer. 

Five American performance cars make the list: the Dodge Charger muscle car and four sports cars, including the Ford Mustang coupe and convertible, the Chevrolet Camaro, and the Dodge Challenger. “These are all popular American cars with similar average used car pricing ranging from $25,000 to $32,000,” said Brauer. “These are dream cars for many, and consumers may be willing to pay more for them because the prices are still on the lower end of the performance car segment and because they can’t shop around due to a lower than usual supply.” 

Four pickup trucks make the list including the second-ranked Ram Pickup 1500, the fifth-ranked GMC Sierra 1500, the ninth-ranked Toyota Tundra, and the tenth-ranked Chevrolet Silverado 1500. “The shortage of new truck inventory and the growing popularity of pickups led to heightened demand and scarce supply in the used car marketplace that has continued even as new car inventory begins to stabilize,” said Brauer. “Additionally, people who require trucks for work are more likely to pay a higher price that is well above market value.”

Used Vehicles With the Greatest Price Drops 

The top ten vehicles with the greatest price drops have decreases ranging from 1.1 to 8.4 percent and are made up of mostly SUVs across varying price points as well as two minivans, two hybrids, and one sedan.  
Used Vehicles with the Greatest Price Decreases - iSeeCars Study
Rank Used Vehicle Average Used Car Price (October 2020) $ Price Change from October 2019  Oct Y-o-Y Price Change
1 Chevrolet Volt $16,510 -$1,512 -8.4%
2 Ford Ecosport $16,995 -$1,479 -8.0%
3 Chrysler Pacifica $23,608 -$1,364 -5.5%
4 Buick Envision $23,072 -$1,304 -5.3%
5 Cadillac XT5 $29,608 -$1,495 -4.8%
6 Dodge Dart $10,619 -$443 -4.0%
7 Nissan Rogue Sport $17,962 -$692 -3.7%
8 Porsche Macan $45,999 -$940 -2.0%
9 Kia Sedona $18,869 -$371 -1.9%
10 Toyota Prius $17,917 -$194 -1.1%
Average $25,299 $2,193 9.5%
The vehicle with the greatest price decrease is the Chevrolet Volt plug-in hybrid vehicle, which was discontinued after the 2019 model year. “The Chevrolet Volt was discontinued due to its declining popularity as domestic sedans fell out of favor as well as increased competition from all-electric vehicles,” said Brauer. The Toyota Prius, a full hybrid, also makes the list in tenth. “The Toyota Prius has been declining in sales as other Toyota hybrid models, like the Camry and the RAV4 have soared in popularity,” noted Brauer.

Two subcompact SUVs make the list including the second-ranked Ford Ecosport and the seventh-ranked Nissan Rogue Sport. “The Ford Ecosport and the Nissan Rogue Sport haven’t met the highly-competitive standards of this rapidly growing segment,” said Brauer.

Three luxury SUVs make the list including the fourth-ranked compact Buick Envision, the fifth-ranked midsize Cadillac XT5, and the eighth-ranked compact Porsche Macan. “The Buick Envision and the Cadillac XT5 do not rank as highly as their competitors, which are more luxurious and refined,” said Brauer. “Conversely, the Porsche Macan earns stellar ratings and is among Porsche’s best selling vehicles, but it hasn’t been redesigned since debuting in 2015 and many of them have come off lease in recent years, somewhat flooding the used market.”

The Dodge Dart midsize sedan, which was discontinued after the 2016 model year ranks sixth. “Along with being in the declining American sedan segment, the Dodge Dart does not have a good reliability rating, so used car buyers likely favor more popular vehicles that are more sound long-term purchases,” said Brauer.

Rounding out the list are two minivans: the third-ranked Chrysler Pacifica and the ninth-ranked Kia Sedona. “The well-reputed Chrysler Pacifica debuted in the 2017 model year, so many of these vehicles are coming off lease for the first time,” said Brauer. “The Kia Sedona is a low-volume model- in the minivan segment, which is shrinking due to the popularity of SUVs.”

Methodology

iSeeCars.com analyzed over 1.2 million used car sales from model years 2015 to 2019 in October 2020, and over 1.3 million used car sales from model years 2014 to 2018 in October 2019. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference from the 2019 price as well as a dollar difference. Heavy-duty vehicles and low-volume vehicles were excluded from further analysis.

About iSeeCars.com

iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars VIN check reports. iSeeCars.com has saved users over $253 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.