Prices of used vehicles in May increased when compared with the same month a year ago, according to data from auction houses ADESA Inc. and Manheim.
The average used-vehicle price in May was $10,524, according to ADESA -- 6 percent higher than the average price in May 2009 and 1 percent lower than the average price in April 2010.
Large SUVs had an average price of $14,716 in May, up 2 percent compared with April 2010. It was the only segment to show a significant month-over-month increase, according to ADESA's compilation.
The Manheim Used Vehicle Value Index in May set another record, coming in at 121.0. That is up from 109.1 in May 2009 and 120.7 in April 2010.
The Manheim index started at 100 in January 1995 and measures changes in used-vehicle prices. It is adjusted for vehicle mileage, model mix and time of year.
Manheim says low new-vehicle inventories mean franchised dealers are focusing more on used vehicles, helping to bolster used-vehicle prices.