Following a 2011 trend, scarcity and demand mean used car prices rise

By: Staff Writer

Wed February 08 2012


An increasing demand and drop in supply of used cars and trucks will lead to higher prices in 2012, the National Automobile Dealers Associate announced in a recent press release.

According to MSN, the just-under two-percent increase means, on average, the cost of a used car will be $11,850; for trucks $19,050. This is on top of the three percent growth of 2011.

 “Consumers shopping for either a new or used vehicle will benefit this year from higher trade-in values along with loosening credit,” Banks said at a press briefing during the NADA Convention and Expo in Las Vegas. “For dealers, reliance on customer trade-ins will increase as they strive to meet the challenges of growing demand in a supply-constrained market.”

Additionally, Banks mentioned fuel prices hovering at $3.50 have further increased the demand for fuel-efficient compact and midsize cars. He expects those prices will rise 2.7 and 2.1 percent, respectively, by the end of 2012.