There’s been a lot of news on the rise of gas prices lately. With the increase of sales for the auto industry, it’s clear that people are looking for a car that spends more time on the road and less at the pump.
Kelly Blue Book has put out a report stating that rising gas prices might be driving the used car prices up 20 percent this year. While prices only saw a moderate growth of .4 percent in February, the prices saw a fast increase in the final week of the month. Compact cars rose 1.3 percent in that time and hybrids had an 3.6 percent increase.
Alec Gutierrez, senior market analyst of automotive insights for Kelly Blue Book, said of the increase, “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.”
Now is definitely the time to get into the dealership to get the car that you’ve been wanting. There is a wide range of fuel-efficient models, new and used, to choose from. Apply online on Approved Loan Store’s website and see how we can pair you up with a local dealer. Check out our Facebook page and you can read the latest industry trends and see testimonials from our satisfied customers.