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KBB: Used vehicles more costly than everPosted On Mon, May 9, 2011
As gas prices continue rising, so too do the sticker prices for used vehicles.
According to Kelley Blue Book's market report for May 2011, used vehicles are more expensive now than they have ever been, with rising prices fueled primarily by rising demand.
KBB reports that since January of this year, values are up 20 percent, which translates to between $1,500 and $2,500 more per model.
Alec Gutierrez, manager of vehicle valuation for KBB, said rising gas prices are also increasing the value of used cars, but relief may not be far off.
"Mid-to-late summer, gas prices are expected to decrease and when they do, values for many of these fuel-efficient models are expected to drop," said Gutierrez.
Gutierrez went on to say that becaus vehicle values are expected to drop, people who are considering selling their used hybrids would be wise to sell them now rather than waiting.
Until then, KBB reports the used vehicle with the biggest price disparity since April 2007 is the Toyota 4Runner, with the average trade-in value jumping $7,500 in four years.
Auto insurance rates for used models vary from year to year, but in comparison to newer models, pre-owned vehicles are always less costly to insure.
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