A recent report says the market of high-mileage used vehicles is booming. Last month, prices for such cars were abnormally high.
It would be more correct to say that car sales, in general, are on the rise now. Today we can see that prices for 7- to 8-year-old vehicles with odometers from 100,000 miles are more like the cost of 5-year-old cars with 60,000-80,000 miles a year ago.
The semiconductor chip shortage and other parts shortages have zapped new car availability down. Therefore, customers have gone to the secondary car market, and the prices there have skyrocketed.
In June 2021, an average transaction price (ATP) was $16,489 for high-mileage used vehicles. This is unprecedentedly high. By comparison, in 2020 this figure was $12,626, or 31 percent lower.
Edmunds compiled the list of TOP 10 high-mileage used vehicles between 100k and 110k miles sold last month:
|Model||Average age, years||ATP, USD||Days to turn (DTT)|
|Chevrolet Silverado 1500||6.6||26,914||30.8|
|Jeep Grand Cherokee||7.3||17,700||36.6|
The vehicles with the greatest year-over-year increase in average transaction prices are the Silverado (a 49% increase), Ford F-150 – 43%, Ram 1500 – 42%.
The vehicles sold faster year over year: the Jeep Wrangler with a 37% year-over-year decrease in DTT, Ram 1500 – 28%, Honda Civic – 25%.