The average cost of used vehicles has started to decline modestly, but luxury cars and SUVs are not seeing the same benefits of the improving economy as other styles. A recent report by the National Automobile Dealers Association (NADA) found the inventory of pre-owned luxury vehicle will be 13 percent lower in 2012 compared to last year. The decrease in supply will result in a 1.9 percent price increase across all luxury brands.

"The falling used supply will raise used-vehicle luxury prices again this year, but overall appreciation will be mild by recent standards," said NADA senior analyst Jonathan Banks. "Used-vehicle prices have risen over the past couple years because of economic conditions that lowered supply and increased demand."

Different brands will likely experience varied levels of price increases. NADA predicts the cost of used Audis will jump 3.3 percent, Acura will see a 4.8 percent rise in price, Lincoln will increase 2.6 percent and the average price of a used Lexus will be up 1.6 percent over 2011. Cadillac and Mercedes-Benz will have more modest increases for used vehicles of 0.5 and 0.7 percent, respectively. Conversely, Volvo and BMW are expected to see declines in the average cost of used models of 3.1 and 0.2 percent.

Drivers looking to get behind the wheel of a used luxury vehicle might want to consider checking out Volvo models to find the best deal. The Swedish automaker has a reputation for safety and reliability backed by high crash test ratings by the National Highway Traffic Administration and the Insurance Institute for Highway Safety for most of its lineup.

Those shopping for used luxury models can head to NJ Auto Auction. The dealer carries a wide variety of makes and models, and due to a partnership with the Credit Acceptance Corporation, everyone is approved for financing regardless of credit history.