Prices for new, used and certified pre-owned (CPO) cars have continued to rise in recent months as the economy continues to ride out the recession and consumers start to toy the idea of purchasing a car again.
AutoTrader.com reported in its Trend Engine Report for May that used and CPO car prices have increased substantially, with many of them picking up double-digit increases in recent months.
The Ford F-150 and the Ford Fusion racked up 35 percent and 31 percent increases, respectively, in the certified pre-owned car category when compared to their market prices in April last year, a news release said.
In the used car category, the Ford F-150 also led the pack and was tied with Jeep Wranglers with 18 percent price increase in the same period. Other car brands that saw double-digit price increase since April 2009 were Chevrolet, Toyota, Volkswagen, Honda, GMC and Dodge.
AutoTrader.com President and CEO Chip Perry said more consumers are looking online for new, used and CPO vehicles. In an analysis of AutoTrader’s web traffic, car shoppers used the site to compare vehicles, check prices and see car inventory.
“Car shoppers today, coming off two years of a tough economy, want to know that they’ve made the right purchase when they finally do decide to buy a new or used car,” Perry said.