MI Used Cars Bring Top Dollar to Wallets of Owners Looking to Sell; Resale Values 30 Percent Higher

July 13, 2011 - PRLog -- DETROIT, M.I. – MI used cars are available in all shapes and sizes, but until now resale value was not normally a factor to consider. Since the increase of gas prices earlier this year, the demand for more efficient vehicles has not only increased but also caused an increase in the resale value of some vehicles.
Most numbers point to losing 10 percent of a cars value by just driving off the dealership lot. This is not the case currently as compact cars between 1 to 5 years old are worth 30 percent more than six months ago on average, according to National Auto Auction Association reports.
Some examples of real life recent sales include owner Spencer Hunter with a 2010 Prius who had leased the vehicle and paid $3,860 out of pocket, not including gas, while he drove it. After buying out the lease, Hunter sold the vehicle, making $3,900 or a $40 profit.
“I drove a brand-new car for free for a year,” Hunter commented to The Detroit News.
Another 2010 Prius owner, John Shen, sold his vehicle for $25,500. He turned around and purchased a 2011 Prius, of the same model, received a new feature for Bluetooth and made a $121 profit.
Changes in resale value has happened with other MI used cars such as a 3-year-old Ford Focus, which gets 35 mpg highway, that is worth more than $5,000 than a 3-year-old Ford Focus in 2009. A 2010 Chevrolet Aveo, which also earns 35 mpg highway, has increased $3,448 in value since January 2011.
There have been many problems lately that have turned customers away from brand new cars as they look into MI used cars. Since the earthquake and tsunami in Japan, there have been vehicle and part shortages across the country. This was a big factor in the decision of consumers of which vehicle to purchase, and with their choices limited, it was more possible to purchase a used vehicle. Shoppers also were affected by high gas prices as they searched for vehicles to save them money at the pump.
Although full-size sport utility vehicles and pickup trucks have not increased in trade-in value, but instead have seen values decline more than $900 on average, there are still plenty of compact vehicle options for customers still looking to find a more efficient vehicle.
There is no telling how long this spike in resale value for MI used cars will continue, but as owners trade-in or sell their vehicles, they will enjoy a higher number than has been seen in a long while.
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[Source(s): The Detroit News]