COSTA MESA, Calif., March 31, 2011 /PRNewswire/ --
- NADAguides, the leading vehicle pricing and information provider on the Internet today, shares data and insights regarding the car market as a result of the earthquake in Japan and soaring gas prices.
- NADAguides analysts have seen both wholesale and retail used prices increase more than expected due to a combination of soaring gas prices and the Japan earthquake tragedy.
- Since the earthquake in Japan, NADAguides analysts report an 11% increase in prices for intermediate compact cars (Civic, Corolla, Focus, etc.), and an 8.5% increase in prices for intermediate mid-size cars (Altima, Accord, Malibu, etc.). With that being said, the overall market has improved by 5%, which is better than expected seasonal increases, say NADAguides analysts.
- While overall used supply has been declining since early 2009, NADAguides analysts are anticipating that the supply and demand for fuel efficient compact and subcompact vehicles will continue to be an issue due to the upward climb of prices. In response to this movement, vehicle values will also increase drastically relative to early March.
- Long-term effects of the situation in Japan are unclear, however the price increases the market is currently experiencing will indeed hold consistent for at least the next three months, say NADAguides analysts. With the aftermath of the earthquake, come projected shortages of parts, as well as a shortage of some vehicles, due to unavailable supply and production issues.
- NADAguides analysts believe that consumers have a better understanding of the 2011 gas price increases than consumers did back in 2008. Even though rising fuel prices do affect consumer behavior, this time around, consumers will not make such extreme vehicle purchases ONLY taking fuel efficiency into consideration, but will consider all their long term needs in addition to miles per gallon.
- During these economic times, with increased fuel prices, declining vehicle supply, and world tragedies affecting production and parts, consumers might find their next vehicle purchase a bit confusing. NADAguides has shopping tools such as the Cost To Own tool and the Car Finder tool, that are designed to help make the purchasing process a easier. The Car Finder tool allows consumers to sort and search through vehicles based upon their needs such as price, year, make, body style, fuel economy, transmission, seating, and drive train. Once a consumer finds the perfect vehicle they are able to use the Cost To Own tool to see just how much that vehicle will cost them over a 5-year period including repairs, fuel, insurance, fees & taxes, and depreciation.
- Troy Snyder, director of product development at NADAguides: "With a tight supply of used vehicles and rising fuel prices, we really are in a seller's market. The good news for buyers is that in a way, this levels the playing field – given low interest rates and incentives, new vehicles may offer more budget-savvy options. The best bet for consumers is to do research and find a vehicle that fits their lifestyle and budget."
NADAguides (http://www.nadaguides.com) is the largest publisher of vehicle pricing and information for new and used cars, classic cars, motorcycles, boats, RVs, and manufactured homes. NADAguides offers in-depth shopping and research tools in addition to the most market-reflective pricing available. The company also produces software, raw data, web services, web-syndicated products and print guidebooks.
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