Used vehicle prices higher than ever
May 9, 2011 — Used vehicle prices are at an all-time high, regardless of fuel economy, according to a new report from Kelley Blue Book.
The Blue Book Market Report for May 2011 found that used-vehicle prices have increased significantly across nearly all segments during the past several years. Fuel-efficient vehicle prices are generally up more, but that could change this summer, the report said.
“Mid-to-late summer, gas prices are expected to decrease and when they do, values for many of these fuel-efficient models are expected to drop,” said Alec Gutierrez, manager of vehicle valuation for Kelley Blue Book. “There are multiple ways to look at the market right now and it may not make sense to trade in your gas guzzler for a fuel-efficient car because values are so inflated right now; however, if you have an excess vehicle, this might be the best time to sell.”
Kelley Blue Book provided a few examples of price changes. The trade-in value of a 3-year-old Toyota Prius was $13,800 in 2007; today a 3-year-old Prius would be worth $17,300, according to the report. A Ford Explorer of the same age in 2007 was valued at $8,500, compared to $14,200 today.
Kelley Blue Book, founded in 1926, is a vehicle valuation source used by consumers and the auto industry. For more information on the company, go to kbb.com.