Fuel sipping used car market booming

For those of you driving a Ford Festiva, which managed a very respectable 35 mpg, don't get your hopes up of getting a big fat check when selling your car. But those of you that bought a Prius or Civic hybrid, you should be happy to know that your resale value is holding very strong.  Toyota Priuses lose almost no value in the first year or two of ownership, even with fairly high mileage. The reason for the high prices is a combination of low supply of used cars and the high price of gas. Mid-compact such as the Toyota Corolla and Ford Focus are also seeing very strong resale values, with prices climbing about 20 percent in the past year, according to data from Edmunds.com. In the case of the Prius, the lack of dealer stock is impacting used car sales. While a dealer will often have a waitlist for the car, the used car market will offer Priuses with a range of colors and options, available immediately. Once production is increased though, which is schedule to happen in the near term, both new and used hybrid prices, will decrease. A major advancement in technology, like plug-in hybrids, might also have a significant effect on the used hybrid market.

[Source: CNN Financial]

Share This Photo X