Apparently used cars and trucks are getting a new lease on life. That’s because used vehicle prices are seeing an unseasonal sharp uptick due to unique market conditions created by the coronavirus pandemic, according to the car shopping experts at Edmunds.

Edmunds data has learned that the average listing price for all used vehicles climbed to $21,558 in July, marking a $708 increase compared to June. Edmunds experts note that this is an unprecedented historical shift in the used vehicle market, where listing prices typically decrease during this time due to depreciation, according to a news release

“We’re seeing evidence of more typical new-car shoppers gravitating toward the used car market than usual during the pandemic due to a combination of factors: Consumers are being more financially responsible, interest rates and CPO offers have been extremely favorable, and inventory has been severely limited on the new side,” said Ivan Drury, Edmunds’ senior manager of insights in the news release. “Shoppers might be a bit surprised to find that prices are ratcheting up on used vehicles because of significantly increased demand.”

Edmunds analysts took a look at average listing prices for 2017 model year vehicles in July compared to June and found that price increases spanned across nearly all vehicle categories, with many of the biggest price increases in large and midsize trucks, sports cars and luxury midsize cars.

“It’s a seller’s market right now. Although used vehicles continue to offer significant discounts compared to new, used-car shoppers will find themselves in the unusual position where they might not have as much negotiation power because demand is so high and dealers will be less inclined to be flexible,” Drury also said in the release. “If you’re in the market for a used car, what you see in terms of pricing is likely what you’re going to get, so do your research and be prepared to act quickly if you have your heart set on a vehicle.”

2017MY Mainstream Vehicle List Prices

Vehicle Category

July 2020 Average List Price

Change Since June

Large Truck



Midsize Truck



Sports Car



Large SUV



Large Car



Subcompact Car



Midsize SUV



Midsize Car



Subcompact SUV



Compact SUV



HD Truck



Compact Car






2017MY Luxury Vehicle List Prices

Vehicle Category

July 2020 Average List Price

Change Since June

Luxury Midsize Car



Luxury Compact Car



Luxury Subcompact SUV



Luxury Large Car



Luxury Compact SUV



Luxury Subcompact Car



Luxury Large SUV



Luxury Midsize SUV



Luxury Sports Car



Whatever used vehicle you opt for just be sure it is in good running condition and you have some kind of warranty.

Source: Edmunds