Gas prices may be going down this summer, but drivers looking to save even more money should wait until fall.
That’s when the price of a small car is expected to drop, according to data from auto pricing service Kelley Blue Book.
Drivers in the market for a more fuel-efficient car can save up to $1,200 for a new compact and about $1,700 for a used one, the company said.
The service believes the average price of a new small car – a record $20,500 last month – will be about $19,300 by the end of the year, while a used compact will be about $9,600, down from a record $11,300 in June.
The price decreases, which should begin in September and last through the end of the year, are mainly due to a surplus of vehicles as carmakers Toyota and Honda stepped up production after the factory-crippling Japan earthquake and subsequent tsunami in March.
With dealer lots filling up this fall, Japanese companies are expected to offer such incentives as rebates and low-cost financing – with some Detroit automakers likely following suit.
One car that won’t come cheaper, though, is Nissan’s electric Leaf, which will cost up to 10% more. A 2012 SV Leaf will list for $35,200, up from $32,780 for the 2011 model, while the 2012 SL will be $37,250, up from $33,720, Nissan said.
The increase is for new standard equipment that includes a fast-charge capability for the SL in under 30 minutes.
Nissan, Japan’s second-largest automaker, sold a record 1,708 Leafs in the U.S. last month and 3,875 so far this year.
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