Average Used-Car Price Hits $18,800, a Record High

(Chicago Tribune/TNS) -

Used cars are following the pricy road paved by new cars.

Used-car prices hit a record high in the second quarter of 2015, climbing 7.6 percent year-over-year to an average of $18,800, according to a new study by car-shopping site Edmunds.com.

The price growth mirrors the average transaction price for new light-duty vehicles, which hit a near-record $33,340 in the second quarter this year.

“People are buying more trucks and SUVs, and they’re getting them better equipped,” said Jessica Caldwell, analyst at Edmunds.com. “More expensive new vehicles means more expensive used vehicles.”

The same factors boosting new-car sales — better economic outlook, low unemployment, low interest rates, low gas prices — are fueling used-car sales as well.

Pickup trucks, the most popular vehicle on new and used markets, saw the most price growth of any segment, jumping 8.7 percent from last year to an average of $23,081.

Some new pickups cost more than $60,000.