Irvine-based Kelley Blue Book last week reported that used-car prices will increase over the next few years,
due to a decline in new-car purchasing and leasing. The company’s Blue Book Market Report for August 2011 noted that this decline started in 2008 and continues to impact the car-buying market by reducing used-car supplies.
According to the report, the average prices of a one- to three-year-old vehicle in July are as follows:
"While the pace of used-car appreciation is likely to subside as supply and ultimately sales improve, we expect used-vehicle [prices] to remain strong for the next two to three years," said Alec Gutierrez, Kelley Blue Book’s manager of vehicle valuation.
Kelley Blue Book keeps consumers informed by updating vehicle values every week on its free website. The company’s monthly report evaluates values and trends in used-car shopping activity.
“Consumers who plan to sell or trade in a used car will soon likely see their vehicle hold its value well. Alternatively, shoppers in the market for a used car will continue to pay more, making it difficult to buy at a discount,” said Gutierrez.
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