Used Cars Selling Like $1 Econo-Packages of Toilet Paper

Used Cars 4562, originally uploaded by Great Laker
Times are tough. The recession has found its way into just about everyone’s life to some degree. One of the top selling consumer stores this year has been the quintessential dollar store. It is here that consumers find deals on everything from toilet paper to toothpaste, all at the healthy budget price of just $1.
Despite the troubled automotive industry, the deals on new vehicles may have been pretty good overall this summer, but not quite good enough to lure the true econo-shoppers. What many penny pincher buyers are turning to when they need a new vehicle, are used vehicles.
Popularity of Used Vehicles
Auto News reports that used car sales have increased from 36.5 million to 39 million just this year alone, and there does not appear to be any signs of this slowing down. In fact, dealers are running out of used cars and they are clamoring to get their hands on more of them.
Not only are used cars selling like hotcakes, but due to minimal new car sales, there are actually less trade-ins available on the market these days. This brings about the concept of supply and demand. Used vehicles are high demand, they are in minimal supply, so therefore they are becoming an ever increasing hot commodity.
While consumers seem to prefer used cars, many dealers share the same enthusiasm. Dealers can often receive higher profits on popular used vehicles than a modestly priced new ones. What this has caused is a veritable treasure hunt for used cars.
Got a Used Vehicle You Don’t Want… Now Maybe the Time to Sell
Traditionally, vehicle trade-ins at dealerships are not particularly profitable. You can most always get several hundred to thousand dollars more on a personal sale than a trade-in. This has changed a bit however, as dealers are finding the incentive to pay more.
Dealers are selling used vehicles for top dollar (comparative to years past), making them a much more attractive part of the overall “deal”. One might even go as far to say that dealers are desperate for used vehicles. Auto News reports that it is not an uncommon practice today for dealers to scour the classified ads for used consumer vehicles to buy.
What this all means, is if you thought Cash For Clunkers was a great trade-in incentive, you might find better incentives this month (assuming you have a popular used vehicle in reasonably good shape). Sometimes good things come to those who wait, and this might prove to be one of those times!

















