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.
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
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.