2012 Toyota Prius (Photo : 2012 Toyota Prius)
Prices for fuel-efficient cars and hybrids are getting more expansive in response to rising gas price and possibly reach a 20 percent gain by the end of the year like the previous year, Kelley Blue Book reported today.
According to the KBB’s Book Market Report for March 2012, prices of used fuel-efficient cars increased by 0.4 percent last month. The increase was most significant in the last week of February, where used compacts increased by 1.3 percent and hybrid cars by 3.6 percent.
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“Dealers have been aggressively bidding on fuel-efficient vehicles at auction as consumer demand increases in response to rising gas prices. If the past is any indication of things to come, Kelley Blue Book could see values of used fuel-efficient vehicles increase more than 20 percent during the course of the next few months,” says Alec Gutierrez, KBB’s senior market analyst.
When the gas price went up to $4 a gallon last year, value of fuel-efficient used cars rose to a record level. When the gas price dropped in summer, so did the car price. KBB expects a similar trend this year.