NADA Used Car Guide’s latest Guidelines report released data that indicates prices might still spike during tax season before beginning a downward spiral.

In January, prices remained flat, rising only by an average of 0.1 percent from December, according to NADA data.

And price movements for the majority of segments were between a tight range of -0.3 percent to 0.4 percent.

Compact utility, large SUV and midsize van prices dropped slightly, NADA reported, while compact car, large pickup and midsize utility prices inched up.

Midsize car prices remained flat in January.

Some of the strongest price retention was once again seen in the large pickup segment, with prices sitting 10 percent higher than the same period of 2013.

Large SUV prices also remain high, perhaps not surprising due to the severe inclement weather seen across the U.S. this winter. Prices for this segment were 6.3 percent higher year-over-year in January.

Looking at the price declines, compact car, midsize car and luxury utility prices were on average 0.8 percent lower relative to last year, and compact utility prices were down by 1.4 percent.

Lastly, prices in the luxury car segment fell by 2.8 percent this past month, said NADA analysts.

As for what’s in store for this month, tax season is playing a large role in price movement predictions.

NADA Used Car Guide senior director of vehicle analysis and analytics Jonathan Banks explained in the report that February “marks the beginning of a two-to-three month period of definitive used-vehicle price growth as the receipt of federal tax refund checks help stimulate an upsurge in consumer auto demand.”

With that in mind, NADA is predicting that used prices will rise by an average of 2.1 percent, which is 1.4 percentage points more than the increase recorded in February of 2013.

But NADA doesn’t expect the price spikes to last.

“Price movement over the remainder of 2014 is expected to follow a familiar seasonal pattern, with prices continuing to grow slightly through March before falling throughout the rest of the year,” he added.

In fact, NADA is predicting overall depreciation from April to December will average 2.3 percent per month.

Expanding supply will be a big factor behind sliding prices this year.

“The higher rate of depreciation expected this year is due almost entirely to an expanding supply of units up to four years in age,” Banks noted.

NADA expects this supply bracket to increase by 11 percent compared to 2013.