Prices of Used Pickups, SUVs and Mini Vans Surge 25%
The best way to save money when buying a car is to buy a 3-4 year old used car instead of buying brand new. This usually saves you about 50% on the price (of course you end up with a used car instead of new, but the savings are dramatic).
Lately, used car prices have been heading higher, especially for 3 year old pickup trucks, mid-sized SUVs, and Mini vans. This makes it less attractive to buy used, although the savings are still huge when you compare to buying brand new.
According to Edmunds.com, the average price of a 3 year old Mini Van has increased a whopping 27% compared to a year ago. The price of a 3 year old full-size Pickup has increased 26% while mid-sized SUVs have increased 25%.
The reason for the price increase is simple supply and demand issues. Many car makers cut back on leasing in recent years so there are less off-lease vehicles available. Meanwhile, demand for used cars has gone up as car shoppers look for more affordable options.
Overall, 3 year old car prices have gone up 16% compared to the year ago period. The only acception are mid-size cars which fell in price by 1.6%.
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