Dealers may see more customers on the lots looking for pre-owned cars as the month draws to a close.
That is, once consumers realize that late-model used-car prices showed the biggest month-over-month drop of the year to date in June, according to Cars.com.
In fact, a post from the site’s Kicking Tires blog indicated that the average price of 2010 to 2012 model-year used cars listed on Cars.com fell 1.4 percent to $22,188, which comes in at $320 less than in May.
“That’s the lowest average price so far this year, undercutting the prior low recorded just last month,” wrote Michael Hanley of Cars.com, who authored the post.
The post also highlighted a few models, in particular, that have seen significant drops and increases this month.
That said, Hanley explained these models were “tightly grouped”, with just a 1-percent difference separating the 10 cars with the biggest price drops, and a 5-percent difference among models with the biggest price increases.
As for used cars experiencing price drops may make them attractive to consumers this summer, the Dodge Ram 2500 saw the biggest dollar-amount decrease this month so far, with prices falling by an average of $1,451 this month.
Moreover, the Audi A6, Toyota Camry Hybrid sedan and Ford E-250 Super Duty all saw 4-percent price decreases, the blog post reported.
The A6 saw the biggest dollar-amount decrease out of the group, falling by $1,404.
Meanwhile, the Camry hybrid wasn’t the only fuel-efficient ride to see its prices slide this month.
The Toyota Prius, experienced a 3-percent drop in price to an average of $20,462, even though gas prices remain high across the nation.
Interestingly, high gas prices don’t seem to be affecting prices at all, since many of the units seeing the biggest increases in prices were SUVs and trucks.
For example, the GMC Yukon XL average price jumped 7 percent ($2,612) to $42,326 to lead all models with the largest price increase in June, Cars.com reported.
The Chevrolet Tahoe also saw a 2 percent increase, rising to an average of $37,916.
Cars.com also provided the following charts outlining top 10 used cars from the 2010 to 2012 model years with the biggest price drops and biggest increases:
To view the original blog post from Cars.com, see here.
Read more: Autoremarketing | June Sees Biggest Used Vehicle Price Drop All Year