"Excluding last December's inflated showing from Hurricane Sandy, used prices in the second half of the year should essentially match what was observed in 2012," Banks said.
Last year, both the new- and used automotive markets made several notable achievements. New-vehicle sales accelerated by more than 13% in 2012, which was 500,000 more than the year's initial consensus forecast and also the largest annual increase recorded since 1984.
"Undoubtedly, the new-vehicle sales performance in 2012 was helped along by higher used trade-in prices," Banks added.
By NADA's estimation, used-vehicle prices for units up to eight years in age rose by 1.2% in 2012, thereby extending a three-year run of appreciation with prices increasing by a staggering 32% since bottoming out in 2008.The NADA convention runs Feb. 8-11 at the Orange County Convention Center. For up-to-minute news coverage, visit www.nadafrontpage.com/NADA2013.xml. The NADA Story The NADA story began in 1917 when 30 auto dealers traveled to the nation's capital to convince Congress not to impose a luxury tax on the automobile. They successfully argued that the automobile is a necessity of American life, not a luxury. From that experience was born the National Automobile Dealers Association. Today, NADA represents nearly 16,000 new-car and -truck dealers, with 32,500 franchises, both domestic and international. For more information, visit www.nada.org. Follow NADA on Facebook and Twitter. SOURCE National Automobile Dealers Association