Jonathan Banks, the senior analyst at NADA Used Car Guide, said that the wholesale prices of late-model, fuel-efficient used cars hit their peak in June but these will go even higher this August compared to the levels in January.
Banks said that several 2006-09 popular cars like the Toyota Prius would be priced 30% higher in August compared to January. Banks explained that typically, used-vehicle prices peak in March and depreciate about 15% by the end of the year.
But prices peaked in June due to a lower supply as well as the high demand for used vehicles. Several fuel-efficient cars are estimated to cost 10% to 30% higher in August than in January. For instance, data gathered by NADA guide forecasts that the average wholesale price of a 2006-09 Prius next month will be $15,925.
This is nearly 8% lower than its peak of $17,275 in June and 30% higher than the average price of $12,225 in January. For the month of August, a 2006-09 Chevrolet Aveo is expected to have an average price of $6,375, about 8% lower that its peak of $6,950 in June.
However, it is 21% higher than its price last January of $5,275. Banks said that used vehicle prices will stay relatively high for the remaining months of the year, falling by about 6% from August through December.
He also said that much of the decline will take place July through September to coincide with the new model year. However, this will depend on new-vehicle incentives that affect used-vehicle prices.