Used car prices increase slightly in February
As many potential car buyers consider whether they should buy used or new, a recent report might help them make their decision, as used car prices are still up from last year, but no where near years past.
The NADA Used Car Guide recently released its March edition of Guidelines, giving consumers an insight on the pricing of used vehicles.
According to the report, wholesale prices for used cars and light trucks up to eight years old increased 0.8 percent in February on a year-over-year comparison. The increase is far more than the 3 percent shown when compared to two years ago.
"Price growth for used vehicles through early spring will be weaker than what is typically seen for the period," said Jonathan Banks, executive automotive analyst with the NADA Used Car Guide. "Consumers and businesses are beginning to react to the expiration of the 2% payroll tax holiday as well as political activity surrounding the federal budget sequester and debt ceiling extension. These factors will have a negative impact on household income and reduce spending."
In addition, the report indicated that through the first two months of 2013, used car prices increased 0.4 percent when compared to the same period of time last year. NADA said that the slight increase is far better than when prices increased 4.4 and 2.2 percent in 2011 and 2012 respectively.
Banks added that Hurricane Sandy and the delay in filing income tax returns helped slow down price growth in the used vehicle market.
Top 10 used cars for under $10,000
Cars.com recently released its list of the top 10 used cars for $10,000.
"Although the price gap between new and used cars has decreased, many shoppers are still going the used route," said Patrick Olsen, Cars.com's editor-in-chief. "We took a look at cars from 2006 or later and came up with the best 10 used cars that shoppers should be able to find for around $10,000. To make our list, the cars had to pass crash tests and have key standard safety features. We also analyzed reliability, drivability and practicality."
The list includes the 2006 Ford Escape, 2008 Ford Focus, 2007 Ford Freestyle, 2007 Ford Fusion, 2006 Honda Civic, 2006 Hyundai Azera, 2007 Hyundai Sonata, 2008 Kia Optima, 2008 Nissan Versa and 2007 Scion tC.
Those looking to preserve the life of their used car, whether they plan on selling it again or not, should install Husky Liners® custom fit floor mats.