The recent recession put used cars in high demand. Their lower price tag meant that consumers weary of the economy could get into a car without breaking the bank. But even as the economy begins to thaw, pre-owned cars and trucks are still seeing demand.
According to ADESA, an auto auction services provider, the average price of a used car is up 7.5 percent compared to last year. That’s good news to used car dealers Chantilly Acura which focused plenty of attention on their pre-owned inventory when the economy took a tumble. One used Honda Accord dealer in Fredericksburg Virginia also saw a steep demand for certified pre-owned models among consumers that wanted to save money, but still wanted some type of assurance in the used vehicle’s quality.
“Folks are paying top dollar for used cars,” said Tom Kontos, ADESA’s chief economist. “When you go trade your car in, you should get more money for it, just because there’s not so many going around.”
In the wake of the rescission, many consumers have learned valuable lessons, not least of which is the importance of saving money. Silver Springs used Lexus dealers agree that pre-owned models will still play an important role for dealers even as the economy recovers.
With the economy and the job market seemingly far more stable than even just six months ago, new car sales are rebounding, but for many dealers it’s the pre-owned inventory that still helps to keep the lights on.
* * *
Read more about used cars and other news on this blog.
0 Responses to “Used Cars Remain In Demand As Economy Thaws”
Leave a Reply