According to J.D. Power Valuation Services, August’s Used Vehicle Price Index climbed to 123.6, up 0.7 percent from the previous month, indicating a continuous strong performance in the used vehicle market.
J.D. Power’s September 2019 Used Car and Light Truck Guidelines Industry Update finds that through August, used vehicle prices are on average 2 percent higher than during the same eight-month period last year. Backing up this strong performance are factors such as the increased dealer demand for used vehicles, new models becoming more expensive, and the high levels of clean, late-model, off-lease units in the market.
The September 2019 industry review projects used vehicle prices to continue performing strong moving forward.
"At an industry level, used vehicle prices are expected to remain relatively strong moving forward," David Paris, executive analyst at J.D. Power Valuation Services, said in a press release. "From where prices are currently through the remainder of the year, we are expecting a mild decline, which, barring any serious weather impact or economic changes, should hold true. Used supply will be mixed – positive for cars, negative for SUVs and trucks. The impact of other factors including gas prices, home prices and labor conditions is expected to be neutral-to-supportive of used prices."
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