Used-Car Values to Increase 3 to 5 Percent, KBB Reports
Kelley Blue Book said it anticipates used-car values to increase 3 to 5 percent in the first quarter of 2012, with gains to continue into the second quarter.
IRVINE, Calif. — Kelley Blue Book said it anticipates used-car values to increase 3 to 5 percent in the first quarter of 2012, with further gains expected into the second quarter.
Values have been mostly flat through the first two weeks of January, though increases in the non-luxury car and crossover segments are expected to continue to rise in the weeks and months ahead, according to the company. A lull in lease returns and an aging fleet on the road are expected to keep prices high through most of 2012, potentially surpassing record levels established in 2011.
"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. "For example, the 2011 Chevrolet Cruze and Kia Optima currently maintain a premium higher than 40 percent versus the 2010 model-year counterpart, significantly outperforming the Honda Accord and Toyota Corolla, which weren't redesigned for model-year 2011."
Higher prices are the reality of today's market and used vehicles will only become more expensive and difficult to come by as time goes on, according to KBB.
For more information, visit www.kbb.com.
Used-Car Values Show First Signs of Strength (MY09-11) | ||||
Trade-In Value | Change | |||
Segment | 1/6/2012 | 1/13/2012 | $ | % |
Mid-Size Car | $12,096 | $12,203 | $107 | 0.9% |
Hybrid Car | $14,335 | $14,422 | $86 | 0.6% |
Full-Size Car | $15,756 | $15,841 | $85 | 0.5% |
Compact Crossover | $14,863 | $14,941 | $78 | 0.5% |
Compact Car | $10,235 | $10,296 | $61 | 0.6% |
Source: Kelley Blue Book Automotive Insights | ||||
Trade-In Value | ||||
Note | Model | MY2011 | MY2010 | Premium |
Redesigned for 2011 | Chevrolet Cruze/Cobalt | $13,400 | $9,100 | 47.3% |
No Redesign | Toyota Corolla | $12,225 | $10,575 | 15.6% |
Redesigned for 2011 | Kia Optima | $15,700 | $10,350 | 51.7% |
No Redesign | Honda Accord | $15,450 | $14,113 | 9.5% |
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