MCLEAN, Va. — Although used-car prices likely peaked in June, average trade-in values of many popular, fuel-efficient small cars (2006-2009 model years) are expected to be 10 to 30 percent higher in August 2011 than they were at the beginning of the year, according to Jonathan Banks, NADA Used Car Guide senior analyst.
Average trade-in values for the Toyota Prius are expected to be 30 percent higher in August 2011 than they were in January 2011. During the same time period, Banks expects the Chevrolet Aveo to be up 21 percent, the Kia Spectra up 19 percent, the Hyundai Accent up 17 percent, the Nissan Versa up 16 percent, the Ford Focus up 15 percent, the Honda Civic up 14 percent and the Dodge Caliber up 13 percent.
"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."
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 due to a drop in demand for large SUVs and pickups.
To view NADA Used Car Guide’s chart on trade-in values, click here.