NADA: Trade-In Values for Used Cars Expected to Rise in June
MCLEAN, Va., May 23, 2011 /PRNewswire-USNewswire/ -- Trade-in values of small cars, such as the Ford Focus, Honda Civic and Toyota Corolla, are forecast to rise more than 30 percent year-over-year in June, says Jonathan Banks, senior analyst with the NADA Used Car Guide.
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"Strong consumer demand for small used cars is driving up prices," Banks said. "The NADA Guide increase in trade-in values for June should come as no surprise because it reflects a shortage of both new and used cars entering the market."
Through the first six months of 2011, trade-in values for small cars are up 18 percent, according to the NADA Used Car Guide.
"Fewer new cars have been produced as a result of the crisis in Japan, which has shifted consumer demand to the used car market," Banks added. "High gasoline prices are also increasing the demand for both new and used small cars."
Comparing trade-in values from May to June 2011, prices for several popular-selling cars have increased by double-digit percentages, according to forecasts in the upcoming June edition of the NADA Used Car Guide. (See table.)
May vs. June 2011 Trade-In Values of Some Popular Small Cars
Model Year |
Vehicle |
May Value |
June Value |
June Increase |
% Increase |
|
2009 |
Kia Rio |
$6,400 |
$7,500 |
$1,100 |
17% |
|
2007 |
Hyundai Accent Hatchback GS |
$5,125 |
$6,000 |
$875 |
17% |
|
2007 |
Toyota Prius |
$13,400 |
$15,350 |
$1,950 |
15% |
|
2009 |
Ford Focus S |
$9,375 |
$10,700 |
$1,325 |
14% |
|
2005 |
Subaru Impreza RS |
$6,650 |
$7,575 |
$925 |
14% |
|
2010 |
Honda Civic Coupe DX |
$12,300 |
$14,075 |
$1,775 |
14% |
|
2009 |
Chevy Cobalt |
$7,450 |
$8,550 |
$1,100 |
15% |
|
2009 |
Chrysler PT Cruiser |
$9,225 |
$10,350 |
$1,125 |
12% |
|
Source: NADA Used Car Guide (Car values are based on average condition.)
"The June edition of the NADA Used Car Guide will reflect price increases to help dealers and consumers determine accurate trade-in appraisals and assist lenders with loan underwriting during this unique time in the auto industry," Banks added.
About the NADA Used Car Guide
NADA Used Car Guide, over its 78-year history, has earned the reputation as a leader in providing accurate and comprehensive vehicle valuation products, services and information to businesses worldwide. NADA collects and analyzes more than 1 million combined wholesale and retail auto-related transaction prices each month. Its guidebooks, auction data, analysis and data solutions offer automotive, financial, insurance and government professionals the timely information and reliable solutions they need to make better business decisions. For more information, visit www.nada.com/b2b.
SOURCE NADA Used Car Guide
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