By Mike Hanley on Mon Aug 20 00:00:00 GMT-06:00 2012
Prices for late-model used cars continued their decline in August, dropping nearly $200 on average, or almost 1%, from a month earlier. Used Chevrolet Corvettes saw the biggest declines, dropping on average 6% from July 1 to Aug. 1.
The average asking price for the Corvette was $55,608 on Aug. 1 — about $3,700 less than a month earlier. The Ford E250 van, Pontiac G8 sedan, BMW 335i luxury car, Porsche Cayenne luxury SUV and BMW 128i luxury car also saw 6% price drops, though in pure-dollar terms only the Cayenne's $3,299 decrease was close to the Corvette's. Prices of the 335i continued to decline for a second straight month, shedding $2,232 on average this month after dipping $3,446 the month before.
Used-car prices have fallen the last two months but remain higher than at the beginning of 2012. On Aug. 1, the average price stood at $22,177 for cars from the 2009 to 2011 model years, or $381 more than on Jan. 1.
The chart below details the top 10 used cars from the 2009 to 2011 model years with the biggest price drops, as well as the 10 with the biggest increases. To be eligible for the list, a model must have at least 500 cars in Cars.com's national inventory.
Source: Cars.com used-car listings, 2009 to 2011 model years
Senior Editor Mike Hanley is a father of three boys; he reviews new cars, admires classic cars and has embraced the minivan lifestyle. Email Mike