There's an interesting debate in the auto industry right now about used car prices.
After surging to an all time high in May, the question is whether they have a peaked?
Kelley Blue Book for one says yes, with used car run in prices hitting a top in May, and actually pulling back 0.6%. If true, Kelley's data shows prices for many vehicles, especially fuel efficient small cars have surged between 15% and 34%.
Look at the change in used prices year over year for some models:
- "08 Toyota Prius up $4,650 to 18,250
- '08 Ford Focus up $2,600 to $11,100
- '08 Nissan Versa up $1,925 to $10,325
The folks at KBB believe moderating oil prices should ease the demand for fuel efficient cars this summer.
But have they peaked?