Although declines in fuel-sipping compacts are likely to occur slowly during the next few months, Kelley Blue Book expects steeper declines for the vehicles that appreciated most since the start of the year.

Of particular risk for correction are those vehicles that are currently selling at auction near manufacturers suggested retail price (MSRP).

The Toyota Prius is a prime example of a vehicle that is likely set for a correction. The 2010 Prius increased more than $3,000 since January 1 and has a current auction value equal to 90 percent of its original MSRP.

Dealers will be hard pressed to convince consumers to pay $23,500 for a used 2010 Prius at current Kelley Blue Book Retail Value, especially since a brand new 2012 Prius can be had for $24,000, according to the current Kelley Blue Book Fair Purchase Price.

Other vehicles making the Kelley watch list are: Toyota Yaris; Chevrolet Cruze; Toyota Corolla; and Kia Soul.