Used Car Prices Will Reflect Rising Gas Prices, CarGurus Projects

The cost of fuel continues to climb, and a recent CarGurus forecast indicates consumers can expect to see the price tags on fuel-efficient used cars start to rise as well.

According to AAA's Daily Fuel Gauge Report, the national average on Monday, March 5 is nearly $3.77 per gallon. In a few states such as California, Illinois and New York, the average fuel cost is between $3.87 and $4.38 per gallon. When the cost of fuel rises, many drivers consider trading in their current vehicles for models with better fuel economy. This surge drives up the prices of used cars, which could make it less economical to get a different car in the long run.

"Gas prices have proven a reliable indicator of where used car prices are headed, and consumers in the market for a fuel-efficient used car this year should be mindful of that correlation," said Langley Steinert, founder and CEO of CarGurus. "The best advice for shoppers is the get ahead of the cycle by buying soon, when they will find the best deals on small, fuel-efficient used cars. Alternatively, consumers should consider waiting until the fall and winter months when there is typically less price volatility in the used car marketplace."

Whether drivers are ready to buy now, or are just starting their search for a used car, New Jersey State Auto Auction is the place to go. With a wide variety of fuel-efficient used vehicles, the dealer is sure to offer many choices for consumers, even those with less than perfect credit. Thanks to a partnership with Credit Acceptance Corporation, drivers can be approved for a loan in as little as 30 seconds.