Gas Price Hike to Have Mild Impact on Used Pricing
The NADA Used Car Guide predicted yesterday that gas prices will peak at $4 per gallon in May, but said it expects the impact on used-car prices to be mild by historical standards.
The NADA Used Car Guide predicted yesterday that gas prices will peak at $4 per gallon in May, but said it expects the impact on used-car prices to be mild by historical standards.
CarGurus, an auto research and shopping site, expects prices on fuel-efficient, used vehicles to increase 15 percent by August as gas prices continue to approach $4.50 a gallon.
A report by AutoTrader.com revealed that shoppers are turning toward smaller and more fuel-efficient vehicles in the wake of rising gas prices, which crept up to a national average of nearly $3.40 per gallon in January.
Despite a rise in gas prices, data from the first 15 days of February indicates that vehicle sales could rise 7 percent to 1.1 million units this month, according to CNW Research.
AutoTrader.com's Trend Engine report for August indicated that the decline in gas prices over the summer has driven consumers back toward large trucks and SUVs, particularly in the new-vehicle arena.
Data analyzed by Edmunds.com revealed that consumers paid about 10 percent more for three-year-old, used compact cars in July than in January, with prices for this segment increasing 1.6 percent over the same period in 2010.
NADAguides’ 2011 second quarter Traffic Trends Report showed that site traffic for RVs increased 29 percent since the beginning of the year, which analysts attributed to lower than expected gas prices.
AutoTrader.com's June Trend Engine report indicated that slightly lowering gas prices are likely contributing to the rising interest in larger vehicles.
Lowering gas prices and inventory shortages that were less severe than expected played key roles in the month-over-month improvement.
Several indicators in the first few weeks of June, including floor traffic, incentives levels and closing ratios, point to a rough road ahead for sales this month, according to CNW Research’s latest Retail Automotive Summary.
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