Following a 2011 trend, scarcity and demand mean used car prices rise
By: Staff Writer
February 8th, 2012
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Following a 2011 trend, scarcity and demand mean used car prices rise

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.