Bookkeeping Basics – How To Record New Car and Remove Old Car #free #car #games


#vehicle trade in value
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Bookkeeping Basics – How To Record New Car and Remove Old Car

As an accountant and tax specialist for going on 20 years, I have received many phones calls from bookkeepers asking me how to get the new car on the books and the trade-in off. To do so, there are a few other considerations that come into play. Let’s break them down.

The Trade-In Vehicle

By trading in this vehicle, you have sold it. Since you used it to purchase a similar asset, you can roll any gain on the sale into the new asset. Therefore, you need to determine if you have a gain on the sale, and if so, how much that gain is. The gain will be the trade-in value less your “book basis” of the vehicle. For instance, if you were given a $6,000 trade-in allowance for the vehicle and it had a $2,000 book basis, the gain on its sale would be $4,000.

What is the book basis of the vehicle? To determine this you need to know the original depreciable basis of the vehicle and the accumulated depreciation on it. If you bought the vehicle more than six years ago and used MACRS to depreciate it, you should not have any remaining basis. It should be fully depreciated. If you have had the vehicle fewer than six years but elected to take a Section 179 deduction the year you purchased it, you probably have no remaining basis. Once you have determined your basis, figuring your gain is simple.

The New Vehicle

Have your purchase document for the new vehicle handy to get the asset set up properly. The first thing you need to determine is the total cost of the new vehicle. Many people ask whether the sales tax should be recorded separately as an expense or included in the purchase price. The answer is the latter. The licensing, sales taxes, extended warranties, or other add-ons should all be included in the total purchase price. However, you need to reduce the total sales price by rebates or other discounts. To proceed to recording the new asset, you need to know the total amount financed and the total down payment in addition to the information discussed above. These can also be found on the purchase document for the new vehicle.

The Journal Entry

Let’s Assume:

  • Old vehicle depreciable cost: $9,000
  • Old vehicle accumulated depreciation: $8,000
  • New vehicle total cost: $21,000
  • Trade-in allowance: $3,000
  • Total down payment: $5,000
  • Total financed: $13,000

Here is the journal entry:

Debits:

  • Accumulated Depreciation – Old Vehicle $8,000
  • Fixed Assets – New Vehicle – $19,000

Credits:

  • Fixed Assets – Old Vehicle $ 9,000
  • Loan Payable – New Vehicle 13,000
  • Cash 5,000

Notice that that new vehicle has a basis of only $19,000. This is because the total cost of $21,000 has been reduced by the gain on the trade-in vehicle. Its book basis was $1,000 and it was “sold” for $3,000. Therefore, it was sold at a gain of $2,000. Instead of recognizing a $2,000 gain on the sale of assets, we can roll that gain into the new vehicle by reducing its basis. You will want to note this in your journal entry notes to create an audit trail. An alternative would be to debit the new fixed asset $21,000 and then credit the same asset for $2,000, noting that the $2,000 is the rolled over gain on the trade-in.

Be aware if you are using a General Ledger program with a Fixed Asset module, it may be set up to retain the traded in vehicle and finish depreciating it even though it is gone. Refer to the program’s manual for instructions on how to properly tie the trade-in to the new asset.

Notice that every account involved in the sample journal entry is a Balance Sheet account. The Income Statement is completely unaffected by it. The expenses will be taken in the form of Depreciation Expense and Interest Expense paid on the loan.


Bookkeeping Basics – How To Record New Car and Remove Old Car #cars #uk #for #sale


#vehicle trade in value
#

Bookkeeping Basics – How To Record New Car and Remove Old Car

As an accountant and tax specialist for going on 20 years, I have received many phones calls from bookkeepers asking me how to get the new car on the books and the trade-in off. To do so, there are a few other considerations that come into play. Let’s break them down.

The Trade-In Vehicle

By trading in this vehicle, you have sold it. Since you used it to purchase a similar asset, you can roll any gain on the sale into the new asset. Therefore, you need to determine if you have a gain on the sale, and if so, how much that gain is. The gain will be the trade-in value less your “book basis” of the vehicle. For instance, if you were given a $6,000 trade-in allowance for the vehicle and it had a $2,000 book basis, the gain on its sale would be $4,000.

What is the book basis of the vehicle? To determine this you need to know the original depreciable basis of the vehicle and the accumulated depreciation on it. If you bought the vehicle more than six years ago and used MACRS to depreciate it, you should not have any remaining basis. It should be fully depreciated. If you have had the vehicle fewer than six years but elected to take a Section 179 deduction the year you purchased it, you probably have no remaining basis. Once you have determined your basis, figuring your gain is simple.

The New Vehicle

Have your purchase document for the new vehicle handy to get the asset set up properly. The first thing you need to determine is the total cost of the new vehicle. Many people ask whether the sales tax should be recorded separately as an expense or included in the purchase price. The answer is the latter. The licensing, sales taxes, extended warranties, or other add-ons should all be included in the total purchase price. However, you need to reduce the total sales price by rebates or other discounts. To proceed to recording the new asset, you need to know the total amount financed and the total down payment in addition to the information discussed above. These can also be found on the purchase document for the new vehicle.

The Journal Entry

Let’s Assume:

  • Old vehicle depreciable cost: $9,000
  • Old vehicle accumulated depreciation: $8,000
  • New vehicle total cost: $21,000
  • Trade-in allowance: $3,000
  • Total down payment: $5,000
  • Total financed: $13,000

Here is the journal entry:

Debits:

  • Accumulated Depreciation – Old Vehicle $8,000
  • Fixed Assets – New Vehicle – $19,000

Credits:

  • Fixed Assets – Old Vehicle $ 9,000
  • Loan Payable – New Vehicle 13,000
  • Cash 5,000

Notice that that new vehicle has a basis of only $19,000. This is because the total cost of $21,000 has been reduced by the gain on the trade-in vehicle. Its book basis was $1,000 and it was “sold” for $3,000. Therefore, it was sold at a gain of $2,000. Instead of recognizing a $2,000 gain on the sale of assets, we can roll that gain into the new vehicle by reducing its basis. You will want to note this in your journal entry notes to create an audit trail. An alternative would be to debit the new fixed asset $21,000 and then credit the same asset for $2,000, noting that the $2,000 is the rolled over gain on the trade-in.

Be aware if you are using a General Ledger program with a Fixed Asset module, it may be set up to retain the traded in vehicle and finish depreciating it even though it is gone. Refer to the program’s manual for instructions on how to properly tie the trade-in to the new asset.

Notice that every account involved in the sample journal entry is a Balance Sheet account. The Income Statement is completely unaffected by it. The expenses will be taken in the form of Depreciation Expense and Interest Expense paid on the loan.


Epic EMR – Review and Compare #compare #epic,epic #emr,electronic #medical #records,epic #ehr,compare #emr,compare #charting #software,electronic #health #record,hospital #system


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Epic EMR | Strengths Weaknesses EHR Review

Epic Systems Corporation is a privately held healthcare EHR software company that provides Epic EMR systems for mid-size and large medical groups, hospitals, and integrated healthcare organizations.

The company s integrated electronic medical record software spans clinical, access, and revenue functions and even extends into the home. Complete a quick form at the bottom of the page to compare quick quotes and feature guides from top EMR vendors.

Location: Verona, Wisconsin (headquarters) with offices in Hertogenbosch, Netherlands; Dubai, United Arab Emirates; Alexandra Road, Singapore; and Søborg, Denmark.

  • Strong customer base. Epic focuses on having fewer but loyal EHR customers totaling just 355 in order to improve their focus and provide better services. The company has provided a dedicated team to each organization and they also foster a sense of community through peer events and online knowledge sharing.
  • Extensive range of services and solutions. The company s key software products include eHealth, clinical, access software, and other hospital-related software for administrative purposes and patient-related activities.
  • Widely recognized. Epic has been named as the number one Overall Software Suite by KLAS in 2013 as it consistently earned high ratings and praises for customer satisfaction, response times, and promises kept.
  • Discourages use of other systems. All customers of Epic s electronic health records also live with Care Everywhere, Epic s health information exchange software. Epic EMR systems do not allow users to share data in a way that will satisfy Meaningful Use requirements, since the software charges a fee to send data to some non-Epic systems.
  • Challenging and costly. Since Epic is a closed platform, many hospitals found it challenging and costly to interconnect with the clinical and billing software of other companies.

Focus Areas: Many customers have praised Epic s in-house software because it is quick to implement and easy to use. The following are the current software that the company offers:

  • EpicCare Electronic Medical Record (EMR). EpicCare combines chart review, order management, and documentation in a fast system that can learn your preferences while you work. It is designed to accommodate specialists, therapists, and other specialized care providers in addition to primary care. It also spans hospital departments and roles to connect each member of the care team to a single record.
  • Mobile apps and portals. One of the popular mobile apps of Epic is MyChart, which gives patients controlled access to the same Epic medical records that their doctors use. Another app is Bedside, designed to strengthen the patient s relationship with the care team, making his hospital stay more productive and enjoyable. Other apps include Haiku, Canto. Lucy, EpicCare Link, and PlanLink.
  • Access and revenue. Organizations that use Epic for both professional and hospital billing can take advantage of integrated Single Billing Office, which features a single bill and payment plan, a single account that simplifies back office staffing, and a single point of customer service to make it convenient for both administrators and patients.
  • Enterprise Intelligence. Cogito, Epic s integrated analytics and reporting, delivers current clinical intelligence and business intelligence based on role and workflow.
  • Integrated Core. Epic EMR has a single version available worldwide, making it easier for various types of people to access the system.
  • Epic maintains hundreds of pre-built interfaces to leading non-Epic HIT systems, including to devices such as EKGs. Review office equipment info on other sites to compare copiers. etc. to make sure that you can license it or tweak according to your needs.

Compare the leading EHR systems for free. Just tell us a little more about your needs:


MVP Managed Services #administering #aca, #administrative #solutions, #alternatives #to #aso, #alternatives #to #peo, #back #office #providers, #back #office #support, #benefits #administration, #compliance #solutions, #cost #effective #workers #compensation #insurance, #employer #of #record, #hr #consulting, #hr #support, #human #resources, #independent #staffing #company #resources, #integrated #payroll #options, #loss #control, #managed #services, #options #to #a #captive #insurance, #outsource #hr, #pay #as #you #go, #payroll #processing, #payroll #services, #personnel, #personnel #administration #risk #management #consulting, #regulatory, #simplified #back #office, #single #system #pay #and #bill #solution, #staffing #resources, #staffing #support #services, #turnkey #staffing #solutions, #workers #compensation #coverage, #workers #compensation #insurance


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MVP Managed Services is a division of MVP Staffing, which provides Temporary, Temp-to-perm and Direct Hire staffing services for a wide range of industries. With exceptional local market expertise as well as nationwide capabilities, MVP Staffing is a turnkey solution built on responsiveness and a commitment to long-term relationships.
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2017 MOST VALUABLE PERSONNEL

Privacy Policy

This privacy policy sets out how Most Valuable Personnel (MVP) uses and protects any information that you give MVP when you use this website.

MVP is committed to ensuring that your privacy is protected. Should we ask you to provide certain information by which you can be identified when using this website, then you can be assured that it will only be used in accordance with this privacy statement.

MVP may change this policy from time to time by updating this page. You should check this page from time to time to ensure that you are happy with any changes. This policy is effective from August 25, 2015.

What we collect
We may collect the following information:

  • name and job title
  • contact information including email address
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  • other information relevant to customer surveys and/or offers

What we do with the information we gather
We require this information to understand your needs and provide you with a better service, and in particular for the following reasons:

  • Internal record keeping.
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  • We may periodically send promotional email about new products, special offers or other information which we think you may find interesting using the email address which you have provided.
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We use traffic log cookies to identify which pages are being used. This helps us analyze data about web page traffic and improve our website in order to tailor it to customer needs. We only use this information for statistical analysis purposes and then the data is removed from the system.

Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. A cookie in no way gives us access to your computer or any information about you, other than the data you choose to share with us. You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website.

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We will not sell, distribute or lease your personal information to third parties unless we have your permission or are required by law. We may use your personal information to send you promotional information about third parties which we think you may find interesting if you tell us that you wish this to happen.

You may request details of personal information which we hold about you under the Data Protection Act 1998. A small fee will be payable. If you would like a copy of the information held on you please write to Most Valuable Personnel, 1751 Lake Cook Rd, Suite 600, Deerfield, IL 60015.

If you believe that any information we are holding on you is incorrect or incomplete, please write to or email us as soon as possible, at the above address. We will promptly correct any information found to be incorrect.


History of the American Civil War! #official #record, #war #of #the #rebellion


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he American Civil War was the greatest war in American history. 3 million fought – 600,000 paid the ultimate price for freedom. And a war for freedom it was. The desire for freedom traveled deeper than the color of skin and farther than the borders of any state.

There are hundreds of thousands of pages of information available through this site. Peruse the Official Record of the war, check out the Battle Map, or view the largest collection of Civil War photos available online.

“War is sorrowful, but there is one thing infinitely more horrible than the worst horrors of war, and that is the feeling that nothing is worth fighting for. “

— Harper’s Weekly, December 31, 1864

“The troops. were chiefly volunteers, who went to the field to uphold the system of free government established by their fathers and which they mean to bequeath to their children.”
–Official Record (Union Letters, Orders, Reports )

“. I know that the Lord is always on the side of the right; but it is my constant anxiety and prayer that I and this nation may be on the Lord’s side.”

The first general order issued by the Father of his Country after the Declaration of Independence indicates the spirit in which our institutions were founded and should ever be defended: “The general hopes and trusts that every officer and man will endeavor to live and act as becomes a Christian soldier defending the dearest rights and liberties of his country.”

“We are not fighting for slavery. We are fighting for Independence, and that, or extermination”
— Jefferson Davis

“ “If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms.”
— Samuel Adams

What is it that gentlemen wish? What would they have? Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery?”
— Patrick Henry


Get a patta online – The Hindu #computerised #patta, #land #record


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  • We are keeping a close watch on K.L. Rahul: Shastri

Get a patta online

  • All Bodo Minority Students’ Union president shot dead in Assam’s Kokrajhar
  • One senior Cong. leader in charge of each State
  • Bhangar leaders vow to intensify protest against power grid
  • Manufacturing PMI at 47.9, records steepest contraction since Feb. ’09
  • Medical devices to carry MRP on packs from January 1, 2018, says govt.
  • Why NOTA option, asks Ahmed Patel
  • Pushpa Bhargava, Scientist And Activist, Dies At 89
  • Pence pledges support for Georgia, condemns Russian moves
  • Rajya Sabha passes RTE amendments
  • Govt. attacked over LPG subsidy and Kamal praises fans for expose: Top 10 stories of August 1, 2017
  • Rahul Gandhi meets NHAI officials over acquisition for widening NH-56
  • Panel to draft data protection Bill, Supreme Court told
  • Varun Gandhi questions MPs’ right to hike own salaries
  • Nitish connived with BJP to lodge cases against me, says Lalu
  • We are keeping a close watch on K.L. Rahul: Shastri

CLOSE

Get a patta online

We explain the procedure to apply for computerised pattas

In Tamil Nadu, a patta is the record of land ownership and it contains entries relating to ownership and extent of the land holding. A patta is always issued in hectares/acres for village properties. Since 2008, computerised pattas are being issued in the State for all village properties, bearingthe signature of the Tahsildar, Deputy Tahsildar, or the Zonal Deputy Tahsildar.

Computerised pattas are issued for non-corporation, non-municipal, and non-natham lands, and mention the village name, taluk, and survey numbers.

The survey along with sub division numbers, nanjai land extent, punjai land extent, and other land extent will also be mentioned in a tabular form.

How to obtain computerised pattasin Tamil Nadu

Tamil Nadu was the third state in India that had computerised most of its land records in 2008. (Karnataka was the first, followed by Andhra Pradesh). The procedure is similar to the earlier process, barring the preparation of a sketch by a draughtsman, as a computerised patta does not require a sketch.

However from 2011, the Government of Tamil Nadu changed the procedure and the new rules state that an applicant has to approach the concerned Village Administrative Officer (VAO) and submit the application, which will be acknowledged by the VAO.

In cases which do not involve sub-divisions, applicants have to approach the taluk office with the original documents for verification, and obtain the patta.

For cases involving sub-divisions, applicants have to receive the order of patta transfer on the fourth Friday from the date of submission of the application (after the surveyor conducts a site inspection).

The applicant has to pay the sub-division fee on the day of receipt of the order from the Tahsildar. This work would be completed within 30 days.

Steps for online

To verify online, one has to log on to www.tn.gov.in and then click on the link ‘e-services of district offices’.

You can view the patta/chitta extract and fill in all the mandatory details such as district, taluk, village, and the patta number.

Subsequently, the survey number (any one survey number is enough) along with its sub-division should also be filled up. Only computerised pattas can be verified online, and not manual Pattas.

The said website has also got a facility to verify poramboke land.

The author is a Chennai-based advocate and an advisor to the Government of Kerala


AAFP EHR User Satisfaction Survey #electronic #medical #records, #emr, #electronic #health #records, #ehr, #emr #software, #medical #record #software, #emr #companies, #emr #reviews


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Praxis EMR has a proven track record of #1 success in the American Academy of Family Physician’s (AAFP) EHR User Satisfaction Surveys. The surveys (conducted in 2008, 2009 and 2011) tap into the first-hand experiences of the AAFP’s nearly 100,000 strong member base, making these the largest, most thorough and objective surveys of EHR user satisfaction in the industry.

Survey results are published in the AAFP’s Family Practice Management Journal to help doctors make informed decisions when it comes to the purchase of an EMR. The complete surveys are available to AAFP members at the AAFP website .

2012: Praxis is Ranked #1 Overall

Praxis EMR was rated the #1 EHR overall in the American Academy of Family Physicians’ (AAFP) 2012 EHR User Satisfaction Survey. sweeping 13 of 19 categories. Praxis EMR received #1 ratings in overall satisfaction, as well as in the areas of efficiency, productivity, and medical quality.

Praxis EMR was the only system for which a majority of users agreed that ‘This EHR helps me see more patients per day (or go home earlier) than I could with paper charts.’ Praxis users overwhelmingly responded “strongly agree” to the following statements, earning Praxis #1 ratings in these categories:

  • I am highly satisfied with this EHR
  • I enjoy using this EHR.
  • I can see more patients or go home earlier.
  • EHR notes promote better patient care.
  • I can find information easily and efficiently.
  • EHR clearly displays information/no clutter.
  • EHR helps avoid me making mistakes.
  • I can complete tasks efficiently.
  • EHR helps me focus on patient care.
  • EHR alerts are concise, appropriate, helpful.
  • EHR offers useful disease management tools.
  • EHR offers useful preventive medicine tools.
  • Messaging/tasking is fast, easy, effective.

The survey analyzed the responses of 3,088 physician users of 31 different EHR systems. Praxis EMR also earned number one scores in previous surveys conducted in 2008, 2009, and 2011.

2011: Praxis On Top Again

Thirty leading EHRs were rated in 17 areas by 2,719 physicians and, as in past AAFP surveys, Praxis EMR ranked towards the top in all categories, taking first place honors in:

  • Number One in Health Maintenance.
  • Number One in Training and Support.

This marks the second time in a row that Praxis EMR takes the top ranking in Health Maintenance, and the third consecutive survey in which Praxis Training and Support ranks number one. The survey states, The area of lowest satisfaction is EHR vendor support and training. Clearly vendors have some work to do in this area. Praxis has nearly 90 percent satisfaction in that area among survey participants.

2009: Best in Medical Quality

For the second consecutive year Praxis EMR took first place rankings in the survey. A total of 2,556 doctors participated in the 2009 survey, reporting on 142 different EHRs. The field was narrowed to the top 22 vendors and covered reviews by 1,755 physicians.

  • Number One in Medical Quality.
  • Number One in Health Maintenance.
  • Number One in Disease Management.
  • Number One in Training and Support.

Praxis EMR is particularly proud of its first place ranking in quality medicine, which demonstrates the superiority of its template-free approach when it comes to making a significant difference in the field of medicine.

2008: Praxis Sweeps Survey

Praxis EMR ranked number one in the 2008 EHR survey. Results were based on survey data collected from 422 physicians. Out of 61 systems represented, the 13 most popular systems were surveyed in depth in five categories. Praxis EMR swept four out of the five categories in the report, and was the top EMR overall.

  • Number One in Overall Satisfaction.
  • Number One in Ease of Use and Flexibility.
  • Number One in Service and Support.
  • Number One in Return on Investment.

The AAFP EHR Survey results also showed that among all physician-users, those using Praxis EMR felt most strongly about the value of the system in relation to the system’s cost.

Most significantly, Praxis EMR was the only EMR to have 100% of respondents state that they would never go back to using paper records.

Still using Templates? Switch to Praxis EMR and start saving 2-3 hours a day.


Volvo Car Group sales hit record high in November #usave #car #rental


#sale car
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Volvo Car Group sales hit record high in November

A Volvo logo is seen during preparations for the 2014 LA Auto Show in Los Angeles, California November 18, 2014.

Reuters/Lucy Nicholson

STOCKHOLM Chinese-owned Volvo Car Group’s sales rose 26 percent in November from the same month last year to reach a record high, helped by strong demand for the XC90 and XC60 models in the United States where sales doubled.

Sales increased in all the company’s major markets to reach a total 49,055 cars, the highest number on record for a single month. Sales in the United States rose 90.5 percent to 6,903 cars.

The Sweden-based company, owned by China’s Zhejiang Geely Holding Group Co. GEELY.UL and one of Sweden’s biggest employers, said U.S. sales were boosted by strong demand for its new flagship XC90 SUV and XC60 models.

The new Volvo S90 is due to be presented on Wednesday.

“In the medium term, Volvo Cars is targeting annual sales of 800,000 cars globally following a complete renewal of its product line-up in the next four years,” Volvo said in a statement.

Sales in China, where sales have been sluggish recently, were up 15.8 percent in November compared with the same month last year.

(Reporting by Daniel Dickson; editing by Susan Thomas)


How many days will my DVR record? #discount #security #cameras #net, #digital #video #recorder #recording #dvr #hard #drive #record #mode #frame #rate


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This is a very common question with a very simple answer; it depends.

For those of you looking for a more complete answer I will go a little deeper. The amount of recording time the DVR can save is based on a few variables. They are the Hard Drive Size, Record Mode, Record Quality, Frame Rate, and Record Size.

Hard Drive Size: When it comes to the hard drive the bigger the drive the greater the storage capacity. Typical size for a basic drive should start at 500 gigabytes and can be as much as 2 terabytes. Depending on the DVR it can hold multiple drives for a stacked effect. Some machines can hold as many as 12 terabytes. That is a whole bunch of storage!

Record Mode: The mode you record in makes a big difference for the average user. The two most common options are 24 hour and motion only. 24 hour is exactly how it sounds. It never stops recording, which means it never stops filling hard drive space. Motion recording is great for locations with “downtime”. Businesses that operate from 9-5 will save a large amount of space during non business hours when there is nothing setting off the motion alarms triggers. I recommend motion in most every case. No motion equals no recording, which equals more record time.

Record Quality: This may seem a little silly but there are applications where it is not necessary to get high quality recording. However, I generally recommend the best quality setting for all cameras. When you lower the quality of the recording you are storing less data.Less data equals less storage and more record time .

Frame Rate (FPS): The average movie records and plays at 24 fps (pictures/frames per second). Real time recording for DVR systems is 30 fps. In most cases 15 frames a second looks pretty good but may miss some details that would be of great help in theft, slip and fall, and many other incidents. Unless storage time is a real problem I always recommend 30 fps. Basically, more frames equals more pictures and more pictures equals more data, which equals less record time.

Record Size: Similar to record quality, record size changes the amount data placed on the hard drive. In most cases the standard recording is done in (352 x 240 resolution) aka CIF. The industry uses this as the basis for all the formulas for recording time. In most cases CIF is a reasonable record size. The larger the frame, the more data, which equals less record time.

Now that you know more than you may have wanted to know about DVR recording let me tell you how the math works. In a typical scenario, a camera system will use about an average of 6 gigs of storage space per camera per day in motion mode. For 24 hour record it’s closer to 10 gigs per camera per day.

Motion – 4 cameras and 500g HDD = 6g x 4 cameras = 24g per day.

(Approximately 20 days)

24 hour – 4 cameras and 500g HDD = 10g x 4 cameras = 50g per day

(Approximately 12 days)

Post navigation


Average used car price hits record high in 2014 #car #batteries


#used cars in usa
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Average used car price hits record high in 2014

Bill Sikes, AP

Feb. 12 photo of two-year-old certified pre-owned cars at a Nissan dealership in Marlborough, Mass.

Feb. 12 photo of two-year-old certified pre-owned cars at a Nissan dealership in Marlborough, Mass. less

In another sign that the auto market’s recovery has not yet peaked, the average used car price hit a record $16,800 last year, according to a report from Edmunds.com

That was up 5.7% from 2013’s average of $15,900. Higher used car prices mean that the resale value of three- and four-year-old vehicles coming off leases is strong. They also mean that people looking to buy new cars are likely to get reasonable offers on the models they trade in.

A major driver for last year’s gain is the growth in what automakers and their dealers call the “certified pre-owned” (CPO) market. These are mostly off-lease vehicles that dealers recondition and offer as alternatives to bargain hunting consumers who don’t want to buy a new vehicle.

U.S. dealers sold a record 2.3 million CPO vehicles last year or 21% of the nation’s used car market, up from 1.53 million in 2009.

“We fully expect CPO popularity to continue throughout 2015 because many leased cars are being returned in excellent shape and lightly used cars are being traded in at faster rates than in previous years,” said Jessica Caldwell, an analyst at Edmunds, a car-shopping information service.

Edmunds broke down the 2013 to 2014 used car price changes by age of vehicle. The increase in average selling price of 1-year-old and 4-year-old vehicles was about the same as the 5.7% jump of the overall used car market.

Surprisingly, prices for older cars rose even faster. The average price of 8- and 9-year-old models jumped 8.8% and 8.5% respectively, and they ranged between 10.5% and 15% for those that were 11-years-old or older.

Edmunds’ Caldwell said vehicles between 11 and 16 years old benefited more from falling gasoline prices because buyers weren’t as concerned with fuel economy as they were with utility.

Melinda Zabritski, director of automotive credit for Experian, a credit analysis firm, said the increase in subprime auto lending could be another contributing factor reinforcing older vehicle prices because subprime borrowers tend to purchase older vehicles.

Another factor driving the certified pre-owned market is the rebound in leasing, which now accounts for about 27% of all new vehicle transactions, up from about 18% in the worst of the Great Recession in 2009. But more than half — 53% — of luxury car transactions were leases last year, up from 42% in 2008. So the population of vehicles those lessees return in 2017 or 2018 will be skewed toward the higher end of the price spectrum.

As leasing approaches 30% of the new vehicle market, used car prices could soften sometime later this decade. A study released last November by Autotrader.com and its affiliate Manheim Consulting, projected that the number of vehicles coming back to dealers will climb from about 2.2 million last year to 3.4 million in 2017.

“The supply is building and prices are dipping some, but not collapsing,” said Michelle Krebs, an analyst with Autotrader.com.

Experian’s Zabritski predicts used car prices will remain strong for the near term.

“You’ve got a combination of rising prices coupled with an increase in the end-of-lease returns so we’re probably going to see used prices leveling off,” she said.

USED VEHICLE AVERAGE TRANSACTION PRICE

Vehicle Age, 2013, 2014, % Change

1 year old, $28,357,,$29,967,,5.7%

2 years old, $24,055, $24,415, 1.5%

3 years old, $22,810, $22,567, -1.1%

4 years old, $20,298, $21,413, 5.5%

5 years old, $17,687, $17,990, 1.7%

6 years old, $15,687, $15,435, -1.6%

7 years old, $13,476, $13,934, 3.4%

8 years old, $10,911, $11,872, 8.8%