Supplies were short because of the collapse of new-vehicle sales during the recession and the federal cash-for-clunkers program, while demand remained strong. It was a simple equation. Used-vehicle prices have come off their peak but haven’t tumbled. Now there are three main predictions for what comes next.
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According to CAP, this year the used car market has remained how to get cheap car insurance in florida relatively immune to the high performance of new cars, which saw a 13 per cent increase last month compared with June last year. The UK also remains the European automotive sectors hot spot for new cars with 16 consecutive months of growth. The only area of the used market that does show signs of particular trade price pressure is smaller cars, such as city cars and superminis, which are depreciating more quickly than the market overall. CAP says this is likely to be the result of aggressive pricing in the new market, along with highly attractive PCP deals, making a new small car more affordable. CAP has also identified that independent used car dealers, including the large car supermarkets, are leading the charge on used car retail sales as their franchise counterparts focus on new registrations.
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Used Cars: 5 to Avoid (and 5 Better Alternatives)
Gutierrez estimates that a 3-year-old car cost an average $19,000 in June. By comparison, a new car averaged $31,663 last month. Thats up $307 or around 1 percent from April. Used cars are big business. Every year around 40 million are sold in the U.S., compared with 14 or 15 million new cars.
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To make our list of used-car rejects, a model had to get the minimum two out of five in the J.D. Power “circle ratings” for dependability. It also had to be ranked below average as a used car by Consumer Reports in its annual April car issue and online car rankings . Here are our recommendations for used cars to avoid — plus some better ideas in the same categories.
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