Posted on 05/19/2011 9:34:41 AM PDT by Iron Munro
If you've tried to buy a used car recently -- a lot of people are finding it hard to get what they want.
There is something of a used car shortage going on. News 10NBC found out there are a number of factors why there are fewer used cars out there.
One is -- more people are holding onto their new cars longer but also, there are fewer rental cars coming on the market and fewer people are leasing vehicles so therefore -- fewer of those cars are out there.
Joan Kamisch is trading her 2000 Chevy Lumina for a shiny 2007 Dodge Caliber. “I held onto it as long as I could, but it started to have a lot of repairs on it. I figured I'd rather try to purchase another vehicle instead.”
She found her car but dealers say there are fewer cars at auction and therefore fewer used cars on the market.
John Iannone, owner of Auction Direct in Victor, says there is a shortage and there isn't a shortage. He has over 500 cars on the lot and sold over 300 last month alone. “Rental car companies are keeping their inventory longer. People aren't leasing like they used to. So the return of used cars is short. But when you go back a few years, those record-breaking years of 2005, 2006, 2007, all those new cars are now used cars. So is there a shortage? There is. Is it over played a bit? Yes.”
U.S. New Car Sales fell from 16 Million in 2007 to 10 million in 2009.
“The new car market is running at roughly 11-12 million units a year. The used car market is sometimes two or three times that.” Brad McAreavy is president of the Rochester Auto Dealers Association. “The new car market is what feeds the used car market. And of course that used car stay in that cycle a long time. But it all starts with new cars being fed into the market. So if that number starts to decline, ultimately it's going to lead to fewer used cars in the market.”
So Joan signed on the dotted line this afternoon and got the car of her dreams.
New car dealers are also affecting the used car market. As their new car inventory gets low, car makers aren't able to meet the demand -- dealers are going to auction to find cars to fill the lot.
If you're buying -- shop around. Used car prices are at an all time high -- up about 30-percent from just a few years ago.
Auction Direct says Honda has surpassed Toyota as the brand of choice for people shopping for a quality used car.
The 699,000 used cars destroyed as part of the Obamassiah's Kash-For-Klunkers program has nothing at all to do with the shortage and outrageously high prices of used cars today.
Just asking the question is racist.
Move along.
Yep.
Killed the engines in perfectly good used cars, so they couldn’t be ‘reused’.
Crushed, sorted, sent to China.
Kash for Klunkers was the reason.
part of the plan...destroy cars, make the ones left cost more, cause gas prices to rise,spend gas tax revenue on choo choo trains.
Ray LaHood and Barry Soetero approved.
Correct you are! I’ve been driving 1500 or less bombers for years. Use to be I could pick up a runner/driver for 3-500 bucks. Those cars are now fetching north of 1500 dollars. I paid 800 for my last car. way more than I wanted to for what I got. But it runs, drives, had new tires and the registration was good for almost a year (saves me 75 bucks for tags). Just wish the a/c worked. I tend to ware one out a year. Considering in the month I have owned this one I have put 9000 miles on it there is no way I can touch the value in a “new” or expensive “used” car.
There's yer problem! I like to buy cars that come off of 2 year leases because the mileage is usually low. Harder to find them nowadays.
Cash for Clunkers also will hurt repair shops... lots of unintended consequences drip from liberal idiocy...
There is a definite shortage. I’m looking for a 1965 Shelby Mustang GT350, and having trouble finding anything under $250,000.
yup I’ve been looking for a reasonably priced 2005-2007 Ranger 4WD for about 2 months now. very slim pickings.
Last night one of the local GM dealer’s tv ads stated that they would buy your used car even if you didn’t buy a new one from them.
With 19%, unemployment there is no shortage of anything, someone is blowing smoke up someones rear with a very short pipe.
>>>> Is There A Shortage Of Used Cars?
Is there a reason for the ‘shortage of used cars’?
Yes, I believe there is.
Obama doesn’t want you to buy any used cars. He has those shiny GM Volts at 43 grand per pop to sell.
Yours is a common tale of woe that can be heard in pubs throughout the land.
Shouldn’t it be “ARE(not is) there a shortage of Used Cars”?
probably shipping them to Japan for sale.
“Obama doesn’t want you to buy any used cars. He has those shiny GM Volts at 43 grand per pop to sell.:
Heard on CNBC, propaganda arm of the DNC, that Gov’t Motors is planning to increase production of the Volt because of the demand. That is difficult to believe. More than likely, the government is buying more of its GM losers with taxpayer money...and they’ll be bragging about a “profit” soon.
How else does the government force people into EPA compliant cars than by destroying spare parts for the older ones?
I dunno. The Craigslist for my area lists hundreds of used cars on a daily basis. They’re out there, but maybe not at the bargain prices they used to ask.
There must be a hundred used car lots in Hazel Park, Michigan alone. They all seem to be bursting at the seams with cars.
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