The price of fuel-efficient used cars tends to rise along with fuel costs, and Kelley Blue Book recently revealed that this has been the trend over the past few months.
The used car pricing guide's report for February and the first week of March was released, and it showed that dealers are paying more at auction for high-MPG used cars. These vehicles are eventually resold at a higher price to the consumer, so the auction values are an accurate barometer of used car prices in general.
Hybrid and compact cars have been especially popular at these auctions, with the average sale price going up throughout the month of February.
"Dealers have been aggressively bidding on fuel-efficient vehicles at auction as consumer demand increases in response to rising gas prices," said Alec Gutierrez, senior market analyst of automotive insights for KBB. "If the past is any indication of things to come, Kelley Blue Book could see values of used fuel-efficient vehicles increase more than 20 percent during the course of the next few months."
Drivers who can't afford a new car right now may have to rely on their older vehicle to get them through the year. In these situations, auto maintenance becomes critical, as issues with a vehicle could lead to expensive car repairs.