Used Hyundai Elantras may currently be worth more than new ones 07/15/2011
Some used cars from late model years are currently worth more than their new counterparts, especially the Porsche Cayenne, Audi CX-9 and the Hyundai Elantra, according to Fox Business. The increase in used car values is due, in part, to the government program, Cash for Clunkers, which took a large amount of used cars off the road, leading to less availability. Compact cars that are between one and five years old are worth roughly 30 percent more than they were six months ago.
However, the value of fuel-efficient vehicles is expected to decrease, making them a good choice to consider for people looking to buy used cars.
"While depreciation has been relatively mild so far, based on changes in gas prices and issues with supply, Kelley Blue Book believes a significant 15 percent correction is likely by the end of the year," KBB's manager of vehicle valuation, Alec Gutierrez, told OC Metro.
This prediction is based on the 21 percent increase in the value of the used cars in the first half of this year, as well as a similar change in 2008, due to economic uncertainty. The news source states that the drop in value will probably not match that decreases in 2008, as the economy is at least slightly more stable than it was a few years ago.