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Posts Tagged ‘used car news’

Used Car Sales to Keep Dealers Afloat During New Vehicle Sales Slide

Off-lease vehicles becoming affordable alternative to new.

by on Jun.29, 2017

New data shows that U.S. auto dealers are expected to handle the downturn in new car sales just fine by selling more used cars.

Despite a drop in the sales of new vehicles during the first half of 2017, American car dealerships are still expected to sell more cars and trucks this year thanks to robust demand for used vehicles, which indicates the auto industry is nowhere near slipping into a recession.

Jonathan Smoke, chief economist for Cox Automotive, which manages online publications such as Kelley Blue Book and Auto Trader as well as used-auction centers, said data already indicates that the shift is well underway. “Dealers are selling more vehicles, but the mix is changing and shifting from new to used.”

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Thanks to strong sales since the recession, the supply of appealing used vehicles has increased substantially helping dealers build their inventories of used vehicles, said Smoke, who added dealers are also willing to pay more for used vehicles to insure they have an adequate supply of used vehicles. (more…)

Falling Used Car Prices May Provide Good Value, But Suspect Safety

Check out the top 12 most dangerous vehicles.

by on Oct.31, 2016

Used car prices continue falling, but a good deal on a bad car is a potentially dangerous combination.

New vehicles are still selling a rapid pace, and used car sales are taking a hit as a result. The upside is that savvy buyers can find a really good deal on a used car these days.

Prices on older model vehicles are being particularly hit hard these days. According to the National Automobile Dealers Association says wholesale prices of vehicles up to eight years old fell by 3.6% in September, which is the largest drop this year.

Sales and Safety News!

The organization’s used car guide says used vehicle prices at the consumer level fell by 1%, pushing its used car price index to the lowest since March 2011. (more…)

Looking For a Deal on a Used Car? Think Small

Prices for used subcompacts down 6.3%.

by on Aug.19, 2016

Subcompact cars, like these 2014 Chevy Sonics, are the best deals in the used car market place right now.

Everyone is looking for a good deal, especially when it involves buying a car. Used car prices are on the rise, but there is one type of vehicle that offers a chance at that oft-chased good deal: small cars.

Prices for subcompact cars are bucking the pricing trend for used cars, according to Edmunds.com. They are down 6.3% while overall prices for previously owned vehicles are up 2.7% for the second quarter of the year.

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It’s not just the Chevy Sonics, Ford Fiestas and Honda Fits that are taking hits, compact and midsize car prices are down as well. A combination of hot-selling new cars and low gas prices are doing in the pricing on smaller vehicles. (more…)

Used Car Sales Slide in January

Lack of supply may help push prices higher.

by on Feb.22, 2016

Used car sales took a small dip in January, but a lack of availability may push prices higher.

New vehicles sales in the U.S. have been blazing along for the last 13 months, but they may be coming at the expense of the used car market, according to a new report.

The NADA Used Car Guide concluded the used vehicle market slightly underperformed in January 2016 compared to December 2015 with wholesale prices of vehicles up to eigAdd an Imageht years in age were down 0.1% in January versus December.

Used Car News!

January’s used vehicle price index followed a slightly greater decline of 0.3% compared to December, bringing the index to 122.2. The index stood at 125.4 last January, 2.6% above this year’s level. (more…)

Five-Story Vending Machine Dispensing Used Cars

Carvana saves money with creative delivery set up.

by on Nov.13, 2015

California-based online auto retailer Cavana constructed a five-story used-car vending machine just outside Nashville.

Need a soft drink? Go to the vending machine. Candy bar? Machine. Rent a movie? Machine. Used car? Machine?

Yup and you should see the coins it takes!

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Online car seller Carvana recently constructed a five-story, glass-encased, lit-up-like-Vegas vending machine next to Interstate 65 near Nashville filled with used cars for sale. Actually, the cars in the tower are waiting to be picked up, as they’re sold online. (more…)

Buyers Paying More for Used Cars

Average age of used vehicles drops in second quarter.

by on Aug.21, 2015

Used car sales rose 5.1% in the second quarter. Buyers are paying more for newer vehicles.

New vehicle sales have been scorching hot this year, and they’re having an impact on the used car market making the available inventory younger and pricier. Used car sales are up 5.1% for the second quarter of 2015.

Used car prices hit an all-time high in the second quarter, averaging $18,800, for a 7.6% increase on a year-over-year basis, according to Edmunds.com. Not only are they more expensive, the average age of a used car dropped from 4.9 years to 4.5 years.

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Many of the used cars are vehicles coming off two- and three-year leases. These newer used cars are priced higher than older used cars. But just because newer used cars come at a heftier price point, it doesn’t mean that shoppers buying these vehicles are not locking in good values, Edmunds notes. (more…)

Uptick in Used Car Prices a Temporary Trend

Strong new car sales means increase in trade-ins.

by on Feb.17, 2015

Used car prices are expected to fall in 2015 as the new car sales volumes increase.

Used car prices are expected to fall again in 2015, but in spite of that expectation, they’re rising … just in time for tax refund season.

Analysts from NADA Used Car Guide forecasted used vehicle prices to continually rise by 1-1.5% in February, potentially topping out at a 2.5% increase in March.

Automotive Insight!

“The price bump in the used vehicle market is created by several factors, but one of them has to do with recently filed consumer tax returns,” said Jonathan Banks, NADA Used Car Guide’s executive analyst. (more…)

Ford Tops Other Makers on List of Best $10K Cars

Website offers up its choices for used car buyers.

by on Mar.18, 2014

Ford has three cars on Cars.com's list of best used vehicles for around $10,000, including the 2009 Focus.

Not everyone can afford a new car or truck, but fortunately there are some great deals in the used car market. Cars.com released, its list of top buys for around $10,000 and though it is dominated by Asian makers, Ford actually has the most cars on the list with three.

The 2009 Ford Focus, 2008 Ford Fusion and 2008 Ford Taurus all got approvals from the website. The Focus and Fusion were lauded for their handling while the Taurus received kudos for its large trunk and back seat as well as its ride and handling.

Designed to Inform!

Today’s cars and trucks are more expensive than ever, averaging just more than $32,000, which prices many buyers out of the new vehicle market. (more…)