Along with gas-prices, prices for used fuel-efficient compact cars and hybrids have gone up significantly in the past six months. Why? Mainly because they are in high-demand, and with a shortage of new fuel-efficient cars, buyers are seeking older models in the used-car market.
According to Forbes, the most fuel-efficient vehicle on the market right now is 2007 Toyota Prius which gets an EPA estimated 46mpg. But Toyota’s 2008 model is short supply with production capped at 180,000 units. Buyers are now paying an average of $21,850 for a used 2007 Prius, which is $1,900 more than they paid in January of 2008, a 9 percent increase within 6-months.
Mini Coopers are also popular. Buyers are looking for lower-prices 2007 models paying $2,300 more for a used mini on average, a 12 percent increase over January 1 of 2008. The 29mpg Cooper has proven to be very valuable within the past six months.
Black Book has come up with a list of used cars that dealers bought from auction during the January through June 2008 period. According to the list, buyers are paying up to 5 to 12 percent more than what they would’ve paid in January.