Used car prices have gone up significantly in the past month. Here's how much more you will pay for a popular Toyota Tacoma, 4Runner, Highlander, or Corolla.
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The recent pandemic and its dramatic impacts on business has upset the new and used car market. Although deals were to be found during the pandemic when nobody was sure if shopping was safe, those days are now behind us. With the overall impact on the economy being negative, used cars are now in higher demand.
iSeeCars.com is a website that helps buyers locate new and used car deals. The group recently conducted an analysis of nearly 1 million used car sales in July and August. The key finding was that used car prices in August saw an average increase of 4.1 percent or $941 compared to July. And the trend may continue for some time.
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iSeeCars CEO Phong Ly drew this conclusion; “There was a shortage of new pickup trucks in the wake of the COVID-19 pandemic, which led to an increased demand for used versions of these trucks.” That is not great news if you are shopping for a used Tacoma.
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As you can see from the chart above, the prices of popular used Toyota models like the Tacoma and 4Runner are up by as much as $1,600 on average. “The Toyota 4Runner is a rugged truck-based SUV that is priced like a luxury car with an average price of $33,783, so it attracts buyers who are willing to pay a premium for its reliability and utility,” said Ly. The price of a used Highlander is up nearly $1,000 on average, and even the super-affordable Corolla is up $514.
The news is only bad if you are buying used. If you are trading-in or selling-on one of these hot Toyota models, your wallet will feel a bit heavier.
Check out the full study report from iSeeCars.com here for more insights on recent vehicle pricing trends.
John Goreham is a long-time New England Motor Press Association member and recovering engineer. John's focus areas are technology, safety, and green vehicles. In the 1990s, he was part of a team that built a solar-electric vehicle from scratch. His was the role of battery thermal control designer. For 20 years he applied his engineering and sales talents in the high tech world and published numerous articles in technical journals such as Chemical Processing Magazine. In 2008 he retired from that career to chase his dream of being an auto writer. In addition to Torque News, John's work has appeared in print in dozens of American newspapers and he provides reviews to many vehicle shopping sites. You can follow John on Twitter, and view his credentials at Linkedin
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