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.