Washington — Prices for fuel-efficient used vehicles are falling with lower gas prices after hitting high resale values earlier this year, the National Automobile Dealers Association said Tuesday.
After double-digit percentage gains from January through May 2012, prices on many used compact and midsize cars are expected to drop up to 5 percent in June compared to May, said Jonathan Banks, senior analyst with the National Automobile Dealers Association (NADA) Used Car Guide. The trend is expected to continue this summer.
Gas prices are now averaging $3.71 a gallon — down 3.5 percent from a year ago — and well below the $3.94 a gallon national average in April.
“The trend of rising prices for used cars will reverse course in June because of declining gasoline prices combined with a normal seasonal slowdown in consumer demand for used cars,” Banks said.