McLEAN, Va. (July 22, 2011) – Although used car prices likely peaked in June, average trade-in values of many popular, fuel-efficient small cars for the 2006-2009 model years are still expected to be 10 to 30 percent higher in August 2011 than they were at the beginning of the year, says Jonathan Banks, senior analyst with the NADA Used Car Guide.
For example, average trade-in values for the Toyota Prius are expected to be 30 percent higher in August 2011 compared to January 2011, according to the NADA Used Car Guide. Over the same time period, the Chevrolet Aveo is expected to be up 21%, Kia Spectra (up 19%), Hyundai Accent (up 17%), Nissan Versa (up 16%), Ford Focus (up 15%), Honda Civic (up 14%) and Dodge Caliber (up 13%).
“Car owners still have a lot of equity built up in their used cars, which puts them in a better financial position to make a down payment on a new vehicle,” Banks said. “Looking ahead to the fall, we expect prices on used small cars to drop slightly as consumer demand for new cars increases with the arrival of the 2012 model year, a new round of manufacturer incentives and moderating gasoline prices.”Expected Trade-in Values for Many Popular Small Cars in August 2011
NADA Used Car Guide average values for the compact and midsize car segment peaked in June 2011, increasing by 18 percent and 13 percent, respectively, from January 2011. Over the same six-month period, values for the overall market declined by 1.4 percent led by a steep drop in demand for large SUVs and pickups.
About the NADA Used Car Guide
NADA Used Car Guide, over its 78-year history, has earned the reputation as a leader in providing accurate and comprehensive vehicle valuation products, services and information to businesses worldwide. NADA collects and analyzes more than 1 million combined wholesale and retail auto-related transaction prices each month. The NADA used car guidebooks, auction data, analysis and data solutions offer automotive, financial, insurance and government professionals the timely information and reliable solutions they need to make better business decisions. For more information, visit www.nada.com/b2b.
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