About six months ago, we ran a story on the persistently strong resale values of most hybrid vehicles. However, like many things in this economic climate, even that has come to change. It stands to reason that as less people buy new cars there will be less of a premium put on used cars with prices nearly that of new cars, but gas prices have also been a factor.
According to the KBB prices have all but plummeted:
Used hybrid values are down 23.5% since their peak last summer, says Juan Flores, director of vehicle valuation for Kelley Blue Book. Just since the beginning of 2009, they’ve fallen 4.5%, while used vehicle prices overall are going up as more buyers opt for used over new.
With wallets tightening and gas prices nearly half of what they were last summer, this is to be expected. However, no one expects gas prices to stay low, so it may be in your best interest to take advantage of the buyer’s market to scoop up some deals before prices go back up when demand increases.
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That sounds like good news for the car buyer who would like to buy something that gets good gas mileage.
That’s true, I was thinking about it myself