Used car prices expected to increase Spring 2012
Posted on Monday, January 23, 2012 at 9:43:26 AM
Used car prices are expected to increase 3 to 5 percent toward the end of the first quarter of 2012, according to Kelly Blue Book. Consumers considering a used car purchase should buy sooner, rather than later, to avoid the price increase.
Last year's record highs made finding a decent deal difficult for cash strapped consumers. However, it appears that 2012 will feature used cars with potentially even higher price tags.
"Consumers eyeing one of the many highly acclaimed redesigned 2011 model-year vehicles for their next used car should be prepared to pay a significant premium," said Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book.
Non-luxury cars and crossovers increased between $50 and $100 in the past week, and they will likely continue to rise in the weeks and months ahead. The increase in price is attributed to a lull in lease returns and an aging fleet of vehicles on the road, according to the source. Auto financing options are available for many buyers who can provide a down payment and show good credit history.