Kelley Blue Book (KBB) said in a new report that used compact car and hybrid values are on the rise, having moved up rapidly in late February. KBB stated that although values of compacts only increased 0.4% for most of February, during the last week of that month their values jumped 1.3%. Hybrid values increased even more substantially, increasing 3.6% during the last week of February.
“The 2010 Toyota Prius led in gains, increasing in value $1,370 through the month of February,” said Alec Gutierrez, senior market analyst of automotive insights for KBB. “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% during the course of the next few months.”
KBB stated that in 2011, fuel-efficient vehicle values hit record levels when gas prices approached $4 per gallon, and if prices continue to rise, the company expects to see a similar trend this year and for values to increase within the next 30 to 60 days.