Average asking prices also continued to increase on used and CPO cars listed for sale on AutoTrader.com in November, reflecting the continued imbalance of supply and demand in the used car space. Inventories of used cars have been low most of this year, while as a result of the economy demand for them has been up. At the same time, sluggishness in the new car market has also constrained the supply of used cars as fewer people having been trading in their cars to purchase new.
The average asking prices increased for 16 of the top 20 used cars listed for sale on AutoTrader.com in November. The biggest increases were on the Chevy Silverado 1500, up just over 5% from November of 2009, and the Ford F-150, up 4.26% compared to November of last year.
CPO average asking prices were also strong, with asking prices increasing on 15 of the top 20 CPO vehicles listed for sale on AutoTrader.com in November. The CPO BMW 5-Series saw the biggest average price jump year-over-year at 9.25%. The CPO Chevrolet Tahoe also saw a big jump in average asking price, up 7.14% compared to November of 2009.
"November was a strong month across the board for the industry," said Perry at AutoTrader.com. "New car sales were up significantly year-over-year, and CPO sales also saw a record month for 2010, which are great signs for the economic recovery," Perry said. "With increasing confidence, consumers are getting more and more comfortable moving forward on purchasing their next car, so we expect prices to remain strong. As more cars are purchased, the available inventory of quality pre-owned cars will increase, likely putting a cap on the asking prices for pre-owned vehicles."
Ford, Chevrolet, Toyota and Honda Place Strong in Year-End New, Used and CPO Rankings
Ford models captured four of the top 20 most-search new-car spots in AutoTrader.com's year-end rankings. The new Ford Mustang came in as the No.1 most-searched new car on AutoTrader.com for the whole of 2010, followed by the new Ford F-150. Chevrolet and Honda models both captured three spots on AutoTrader.com's top 20 most-searched new car list.
Ford was also a winner in the used-car space, with the used F-150 topping the list of the most-searched used vehicles on AutoTrader.com in 2010, followed by the BMW 3-Series at No. 2 for the year. Chevrolet was also a big brand winner on the used car list, with Chevrolet models capturing three of the top 20 most-searched used car spots.
The BMW 3-Series topped the list of the most-searched CPO vehicles on AutoTrader.com in 2010. Toyota was the big CPO brand winner, with CPO models from Toyota capturing five of the top 20 spots for the year. CPO models from Honda and Chevrolet also garnered lots of interest from car shoppers this year, the three models from each manufacturer landing on the list of the top 20 most-searched CPO vehicles on AutoTrader.com.
November Site Traffic Increases; Mobile Site Tops One Million for Third Month
More than 15 million unique monthly unique visitors went to AutoTrader.com in November 2010, a 12% lift from the 13.6 million who visited the site in November 2009. This increase was supported by numerous marketing initiatives, including advertising on national cable and network radio, major brand exposure at recent auto shows and an extensive partnership with the NBA. November was also an excellent month for the AutoTrader.com mobile site, which again received over one million unique visitors. This is the third month that the mobile site has surpassed the one million mark.
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