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Posts Tagged ‘Used car sales’

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…)

Used Car Buyers Charged Up about EVs and Hybrids

Top three fastest selling used cars in U.S. are electrics.

by on Jul.22, 2016

The Toyota Prius plug-in hybrid is the fastest-selling used car in America through May.

Looking for a good used car? Well, if you find a hybrid or an EV you like, don’t dawdle on buying it because it’ll be off the lot before you know it.

According to iSeeCars.com, five of the top 10 fastest selling used cars in the U.S. in the first half of this year were hybrids or full electrics, including the top three movers. Perhaps even more astonishing, only one of the top 10 is an American car.

The Last Word!

Overall, iSeeCars.com found that one- to three-year-old used cars took an average of 42.4 days to sell. The top 10 fastest selling cars, however, were much faster—ranging from just 19.7 days on the market to 29.4 days. (more…)

New College Grads Looking for New Sets of Wheels – Used Wheels

Newly minted alumni expect to spend less than $15K.

by on May.25, 2016

The 2010 Toyota Prius was rated as one of the top choices for new college grads looking for a used car for less than $15,000.

As the calendar hits late May, many new college graduates will be looking forward to kicking off their careers by getting out of their old set of wheels and into another, better vehicle.

A recent survey shows that most college graduates plan to spend $15,000 or less for a vehicle and more likely than not, it’ll be used. In fact, of the 67% of those expecting to get a car, 57% plan to pay for the vehicle without any assistance from their parents.

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“We are pleasantly surprised to learn that today’s college students have relatively rational and moderate expectations toward the cars they’ll buy after graduating and how much they plan to spend,” said CarGurus Editor Steve Halloran. (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…)

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…)

Rising New Car Sales Driving Down Used Car Prices

After years of high prices, consumers should see numbers drop.

by on Jan.19, 2015

Strong new car sales are expected to drive down the prices of used cars in 2015.

Aside from adding to the coffers of automakers, the robust sales of new cars created an additional side affect: cheaper used cars.

New vehicle sales were about 16.5 million last year, which was an increase of 5.9% over 2013. That trend is expected to continue this year, which puts pressure on those looking to sell used cars, according to analysts from the National Auto Dealers Association.

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“For the first time in 20 years, wholesale auction prices of used vehicles actually increased during December,” according to Jonathan Banks, executive analyst for NADA Used Car Guide. Banks also stated, “The 0.3% increase during the month is significant…since the average price for December the last 10 years has seen a 1.4% drop.” (more…)

U.S. Auto Industry Generates Record $1.1 Trillion in 2014 Sales

But that number likely to double by decade’s end.

by on Dec.19, 2014

More than 54 million new and used vehicles will be purchase in 2014 accounting fro $1.1 trillion.

When the books are closed on 2014, combined new and used auto sales are likely to reach a record $1.1 trillion in the U.S. And that figure could double by decade’s end, according to various industry studies.

In all, Americans will have purchased 54 million new and “previously owned” cars, trucks and crossovers, reports data service TrueCar. The year appears to be ending with a solid December, according to other industry analysts, with new vehicle sales for the month expected to be up around 11% compared to year-ago numbers.

Informed!

On top of that, automakers have been able to boost prices at a time of strong demand during a period of sustained economic expansion and falling gas prices. So, forecast TrueCar, total revenues for the year will be up about 8.3%. (more…)

Certified Pre-Owned Vehicle Sales Hit a Record

Sales have quadrupled since 2000, according to new study.

by on Nov.07, 2014

BMW, like other automakers, are catering to buyers wanting certified pre-owned vehicles.

Buying a used car has traditionally been a crapshoot, with a very uncertain outcome and little recourse if you pick the wrong vehicle. But the industry has tried to improve your odds – while earning a bit more money – with the introduction of certified pre-owned vehicle programs that have clearly clicked with consumers.

At the beginning of the new millennium, about 500,000 American motorists were buying certified used vehicles. That jumped to 2.1 million last year, and should hit another record for 2014, according to a study by auto sales site AutoTrader.com.

The Automotive Journal of Record!

“Over the next few years, more than 9 million certifiable vehicles will be hitting the market, making now the time for consumers, manufacturers and dealers to pay close attention to the CPO landscape,” said Rick Wainschel, vice president of customer insights at AutoTrader.com. (more…)

Used Car Buyers Get Welcome Relief as Prices Tumble

Prices finally drop, and could keep sliding into 2016.

by on Aug.15, 2014

Used car prices peaked during the Great Recession, largely due to a shortage of "nearly new" vehicles.

After watching prices surge to record levels in the wake of the Great Recession, U.S. used car buyers are finally catching a break, with costs tumbling sharply on most models and likely to continue to slide through 2016, according to those who track pricing trends.

There are a few exceptions, such as pickup trucks, which have been in increasingly high demand as contractors and fleets rebound along with the economy. But there are great deals to be had on “nearly new” luxury cars and a number of other models, according to such experts as Tom Webb, the chief economist for Manheim, which runs some of the nation’s largest used vehicle wholesale auctions.

Auto Insight!

“Prices will continue to decline because of increased supply,” Webb told TheDetroitBureau.com, “mostly from off-lease vehicles.” The downward trend, he added, should continue for at least the next 18 months.

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Expect to Pay More for Your Next Used Car

But trade-ins will be higher, as well.

by on Feb.07, 2012

Expect to pay more for that "previously-owned" car in the months ahead.

There’s good news and bad news for used car buyers.  On the down side, prices will likely be higher due to strong demand.  But that also should translate into better trade-in prices, as well, according to an automotive industry trade group.

The National Automobile Dealers Association is predicting that used car prices will rise again but at a slower pace than in 2011. Those higher used vehicle prices will be the result of Increasing demand and a drop in the supply of previously-owned cars and trucks, said Jonathan Banks, executive automotive analyst with the NADA Used Car Guide.

On the positive side, “Consumers shopping for either a new or used vehicle will benefit this year from higher trade-in values along with loosening credit,” Banks said.

All the News!

For dealers, reliance on customer trade-ins will increase as they strive to meet the challenges of growing demand in a supply-constrained market. Dealers are facing a particular struggle coming up with “nearly new” two to four-year-old vehicles due to the downturn in the new car market over the last four years.  In particular, there are significantly fewer vehicles coming off-lease as many lenders curtailed their leasing programs during the depths of the Great Recession.

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