Some good news and bad news for car buyers today. Autofinancial.net is reporting that 2012 is expected to see an increase in 2012, making it the third straight years of the price raising. In his speech on February 4th, Jonathan Banks, the executive automotive analyst with the National Automobile Dealers Association, said that the increase will be because of an increase in demand and decrease in the supply of used cars. Compact cars will be seeing a rise of 2.7 percent while SUV’s are expected to see only a 1.4 percent increase. That translates to used prices going up by 1.8 percent over the course of the year.
That’s the bad news, the good news is that even though prices are rising, there are other factors to help buyers. Credit loosening is making it so that people with problems on their credit can get a loan. Another factor is that trade-ins are going to be getting more leverage. “The slowing rate of depreciation on used vehicles over the course of the year will lead to even stronger trade-in values and enhance the equity that a consumer has in their vehicle,” Banks said.
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