Used vehicle prices increase in December

The Average Cash Price of most Top 10 Funded Used Vehicles sold through Dealertrack Canada’s network saw an annual increase of 5.23 per cent in December 2017, according to the company’s data.

“2017 was a solid year overall for the used car business and our Dealertrack Canada network, and we expect this trend to continue in 2018,” said Richard Evans, Vice-President and General Manager of Dealertrack Canada.

The Chevrolet Cruze experienced the most gains with a year over year increase of 13.5 per cent, followed by the Nissan Rogue with 9.6 per cent and the Dodge Grand Caravan with 9.2 per cent.

The Ford Escape was the only vehicle to show a decline, having dropped 4.6 per cent in December 2017 compared to the same period in 2016.

Dealertrack’s data also reveals that the most popular trade-in year was 2014; the average 2017 Top 10 Funded Vehicle was 40.7 months old; the average cash price (paid) was $19,539, and the average annual income for used buyers was $55,318.

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