Used-Car Prices Set to Plunge for High-MPG Cars
As gas prices rose toward $4 a gallon, prices soared for used cars with high gas mileage. But now with pump prices having fallen back, those used-car prices have backed off and could be down by 15% by the end of the year, according to analysts at Kelley Blue Book.
It turns out that Americans’ focus on high-mileage cars has been, typically, short-lived: Edmunds.com reports that June sales of hybrid and electric vehicles like the Toyota Prius (right) were down 17% below May sales, hitting the lowest level in more than six years.
The Kelley Blue Book web site reports that prices for fuel-efficient compacts and subcompacts dropped 1% to 2% in June — about in line with the overall used-car market. But analysts project that overall prices — which have been up sharply this year — will go down only about 3 to 5% more by year’s end, while small, high-MPG models will drop an average 15%.
Trying to buy a Honda or Toyota in San Diego? Good luck
Want a new Toyota Prius? Could be tricky. An Acura TSX? That's a tough one. How about a new Honda Fit or Civic Si? Don't hold your breath.
The devastating earthquake and tsunami that hit Japan in March, bringing some automobile manufacturers there to a near standstill for a time, is still being felt on U.S. shores in the form of hard-to-come-by Japanese car imports and auto parts.
Many of the 20,000 to 30,000 parts that go into a Japanese car come from the hard-hit northeastern region of Japan, where suppliers had to close or limit production for weeks and, in some cases, just disappeared.
In San Diego, some car dealerships say inventory is low, or nonexistent, for the most popular specialty or fuel-efficient Japanese models. And they don't expect things to get much better until late August or September.
And that's posing a hardship for some car dealers, who traditionally rack up their biggest sales during the summer season.
"Instead of 400 cars in stock, I have 49," said J.P. Bo, senior salesman for Pacific Honda, a large dealership on Convoy Street. "I could have sold 30 or 40 of the new, redesigned Honda Civics this past weekend if I'd had them. All I had was four, which all sold."
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