IRVINE, Calif., April 26, 2016 /PRNewswire/ -- The analysts at Kelley Blue Book www.kbb.com, the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry, today report used high performance and sport car segment models are outperforming all others, due to low fuel prices that have spurred strong demand, as covered in the company's Blue Book Market Report for the first quarter of 2016.
"Interestingly, the high performance and sports car segments outperformed all other segments," said Sean Foyil, analyst for Kelley Blue Book. "As a result of low fuel prices, consumers are less concerned with fuel efficiency as a factor when choosing their next vehicles and more concerned with other aspects, such as performance, which explains the continued decline for electric and hybrid vehicles compared to the rest of the market."
Fuel prices remained at a lower starting point in the first quarter than in the last two years at $2.03 per gallon, falling 31 cents in mid-February and rebounding to $2.08 per gallon in April. In the first quarter of 2016, the average price for a gallon of fuel rose five cents or 2.4 percent.
"The average price per gallon of fuel is down 14 percent year-over-year," continued Foyil. "However, we are seeing seasonal trends consistent with previous years and expect fuel prices to rise at a slow and steady pace into the summer months."
Overall, auction values for used 1- to 3-year-old vehicles declined 1.3 percent, or roughly $235, in the first quarter of 2016. One of the most notable differences seen this year is the lack of an upward swing in values during the first few months of the year. Typically, the used-car market sees an uptick in values in the 2 to 4 percent range. However, in 2016, Kelley Blue Book reports a slight 1 percent decrease. An abundance of volume in auction lanes across the country continues to be a key force putting downward pressure on auction prices.
The Blue Book Market Report is a quarterly publication that explores the state of the automotive industry by analyzing Kelley Blue Book® Auction Values. The report also discusses developments in residual values and trends in monthly used-car shopper activity on KBB.com. If you would like to subscribe to the quarterly Blue Book Market Report, please e-mail [email protected].
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About Kelley Blue Book (www.kbb.com) Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides the most market-reflective values in the industry on its top-rated website KBB.com, including its famous Blue Book® Trade-In Values and Fair Purchase Price, which reports what others are paying for new and used cars this week. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. Kelley Blue Book's KBB.com ranked highest in its category for brand equity by the 2015 Harris Poll EquiTrend® study and has been named Online Auto Shopping Brand of the Year for four consecutive years. Kelley Blue Book Co., Inc. is a Cox Automotive™ company.
About Cox Automotive Cox Automotive Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, vAuto®, Xtime® and a host of other brands. The global company has nearly 30,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises Inc., an Atlanta-based company with revenues of $18 billion and approximately 55,000 employees. Cox Enterprises' other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, visit www.coxautoinc.com.