While you were busy prioritizing your new year resolutions for 2017, TRED was taking a look back at 2016. Last year, thousands of people connected through TRED to buy and sell all kinds of vehicles. We crunched the data to try to answer three simple questions about vehicles sold on TRED:
1.) What sells fast?
2.) What sells for the most?
3.) What sells most often?
This is what we found when we dug into the data:
Vehicles made in 2007 sold more than any other model year
Vehicles manufactured in 2007 contributed the most to sales in 2016 and it wasn’t even close. We dug a little deeper to understand what the reason might be for such a big jump. We learned that 2007 models are a full $2,500 less expensive than 2008 vehicles on average. That’s a lot of cash to save for people willing to buy one model year older – especially if the condition is comparable.
Another thing that may stand out to you is the big dip in 2009 model year vehicles. That year, the country was amid the Great Recession, new car sales plummeted, and manufacturers in the U.S. were at risk of going under. As a result, there are less used vehicles sold from that model year because fewer people bought them new in the first place. Nearly a decade later and we’re still seeing the effects of a scary time for the auto industry.
Car values dropped in phases
We all know cars begin to depreciate the moment they’re driven off of the lot. What you might not know, however, is that there are certain points in a vehicle’s life that its value drops dramatically. The biggest drops we saw were between 0-1 years, 2-3 years, 5-6 years, and 9-10 years. The newer the vehicle, the faster it dips in value. So, if you’re thinking about selling, decide fast. Waiting too long might result in losing more money than you expected.
Honda had the most popular make and models
The most popular vehicles sold in 2016 were the 2009 Honda Civic and the 2007 Honda Accord which went for an average of $7,578 and $9,104.
Not only did Hondas have some of the most popular models in 2016, they were some of the quickest to sell as well. On average Hondas sold in under 15 days; less than half of the average for all vehicles sold last year.
Toyota was the overall most popular manufacturer
Despite not making it into the top 3 most popular make and models, Toyota was the most popular manufacturer in terms of vehicles sold. Toyota’s most popular model was the Camry, but it wasn’t the fastest selling. That honor went to the Sienna, Avalon, and 4Runner which all sold in a week or less on average.
Acura beat estimates
Not only did Acura models sell fast, averaging just 10 days on market, they sold for over 17% above their Kelly Blue Book estimate. With an average sale price over $11,000, that comes out to nearly $2,000 more than expected. Toyota was runner-up in this category, selling for an average of 14% above their KBB estimate and remained on the market for just 13 days. Audi came in as the second runner-up selling at 10% above estimated sale price, but had longer stays on the market at just over a month.
It wasn’t just Acura, Toyota, and Audi that came up as winners though. Most vehicles sold on TRED for above their Kelly Blue Book value. On average, cars sold on TRED in 2016 went for over $1,000 more than a KBB estimate would suggest. If you want the most value for your car, get started here.
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