Used car prices expected to change thanks to value

September 16, 2013 12:00 AM

Used cars have offered drivers plenty of value for years, but recent advancements in the auto industry could change the way people shop for pre-owned vehicles. According to new data from the NADA Used Car Guide, the improved vehicular offerings from the past several years are resulting in higher quality options for used cars, which, in turn, is elevating prices. 

"Historically speaking, reliability and unexpected repair cost concerns meant that vehicles over five years of age took a back seat to their younger, in-warranty counterparts in terms of demand," said Jonathan Banks, an analyst for the NADA Used Car Guide. "However, rapid advances in dependability over the past decade have changed consumer attitudes toward purchasing older vehicles." 

The guide predicts that cars between 4 and 10 years old will sell for 0.5 percent more than the same age units did last year. As these older models become more attractive to drivers, recent used cars are expected to drop in popularity. Costs for automobiles that are 1 to 3 years old will likely fall 1.5 percent in 2013. 

While drivers may have to pay more for older vehicles, they can expect to save money in the long term thanks to improved vehicle maintenance. These automobiles are often able to withstand general wear and tear better than their predecessors, meaning motorists will be spending less time at an auto repair franchise and more time doing what they love. 

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