Looking for a used car? Expect to have to look hard – and pay a lot more than you might have anticipated if you haven’t been in the market for a few years.
While new car sales continue their slow recovery from the Depression-era downturn of 2009, demand for “previously owned” vehicles” has soared to record levels. But so have prices, with fuel-efficient hybrids and small cars in particularly high demand. But even high-performance luxury cars are in strong demand, according to industry experts.
“April used vehicle sales were up 12.3% compared to year-ago and 47.6% versus March,” notes Art Spinella, chief analyst with CNW Marketing.
In fact, franchised auto dealers scored big on the used car side last month, selling more than 1.3 million vehicles, a 10.7% increase, and the best month since April 2006, before the economy began to collapse.