New and used car sales fell steeply as the nation closed up shop in the wake of the COVID-19 pandemic. Data from the U.S. Census Bureau found that retail used car sales plummeted more than 20 percent year-over-year in March, the most since the onset of the Great Recession in 2008.
New analysis from CoPilot, which aggregates car listings data in real-time across 46,000 U.S. dealers, found that retail prices for pre-owned vehicles only fell 3.9 percent nationwide between January and May 2020. Utah, Delaware, and Florida were hit the hardest, experiencing the steepest declines.
Certain metropolitan areas were hit harder than others. According to a release by CoPilot, “To identify these locations, researchers from CoPilot, a car shopping app that helps guide users through the buying process, analyzed its proprietary dataset of more than 6 million auto listings in the United States and created a ranking based on each location’s change in average listing price between January and May 2020. To improve relevance, only metros with at least one million residents were included in the analysis.”
Here are the 10 cities that experienced the steepest used car sales declines.
No. 10 – Washington-Arlington-Alexandria, DC-VA-MD-WV
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Average change in used car prices: -4.77%
Most impacted models: Jeep Patriot, Land Rover Discovery Sport, Dodge Charger, Volkswagen Atlas, Cadillac Escalade
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No. 9 – Chicago-Naperville-Elgin, IL-IN-WI
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Average change in used car prices: -4.82%
Most impacted models: Lexus IS, Land Rover Range Rover Sport, Ford Taurus, Nissan Versa, Jeep Patriot, Audi Q7
No. 8 – Atlanta-Sandy Springs-Roswell, GA
Average change in used car prices: -4.92%
Models with the biggest price drops: Land Rover Range Rover Sport, Porsche Macan, Volvo XC90, Cadillac XT5, BMW 4 Series Gran Coupe, Acura TLX
No. 7 – Raleigh, NC
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Average change in used car prices: -4.93%
Models with the biggest price drops: Volkswagen Jetta, Kia Sorento, BMW 3 Series, Mercedes-Benz C-Class, Jeep Compass, Ford Escape
No. 6 – Louisville/Jefferson County, KY-IN
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Average change in used car prices: -5.07%
Models with the biggest price drops: Toyota Camry, Jeep Grand Cherokee, Chevrolet Silverado 1500, Ram 1500, Ford Edge, Nissan Altima
No. 5 – Minneapolis-St. Paul-Bloomington, MN-WI
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Average change in used car prices: -5.12%
Models with the biggest price drops: Infiniti Q50, BMW 3 Series, Subaru Legacy, Volvo XC90, GMC Terrain, Acura RDX
No. 4 – Dallas-Fort Worth-Arlington, TX
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Average change in used car prices: -5.19%
Models with the biggest price drops: Jeep Patriot, Volvo XC60, Ford Focus, Chevrolet Silverado 2500 HD, Mercedes-Benz GLS-Class, Ram 3500 HD
No. 3 – Salt Lake City, UT
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Average change in used car prices: -5.20%
Models with the biggest price drops: Hyundai Sonata, Nissan Pathfinder, Chevrolet Traverse, Honda CR-V, Mazda CX-5, Chevrolet Cruze
No. 2 – Orlando-Kissimmee-Sanford, FL
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Average change in used car prices: -5.85%
Models with the biggest price drops: Dodge Charger, Volkswagen Passat, Nissan Versa, Chevrolet Camaro, Dodge Durango, and Kia Forte
No. 1 – Miami-Fort Lauderdale-West Palm Beach, FL
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Average change in used car prices: -6.59%
Models with the biggest price drops: Kia Forte, Dodge Charger, BMW 4 Series Gran Coupe, Chevrolet Colorado, Land Rover Range Rover, BMW 3 Series
