Photo: inetgiant.com
Despite the downsizing trend sweeping the US along with the rest of the world, apparently, due to the 3.5% drop in fuel prices when compared with 2011, small car values on the used market are steadily falling, as buyers are (strangely) still interested in larger cars.
Despite reports of an imminent oil-induced doom that awaits us in the not-too-distant future, this month in the US, light trucks will take the largest share of call car sales, with only a 1% decrease in sales expected, when compared to the same period of last year.
With the used car market expected to fall by an average of around 2%, and the value of compact and mid-sized models expected to decrease by 2.4%, there are some good deals to be had on efficient (and not that old) used cars which will gain value once fuel prices start climbing again - and they will.
However, with used car prices still around 15 to 17% higher than those recorded in 2009, they are still at record highs, and with the supply of vehicles which are less than 5 years old (the second hand cars people actually buy) declining 14% within the same period, it’s clear that we are living in weird, transitional times, when buying a car, even a second hand one has become a financial gamble.
Story via The Detroit News
With the used car market expected to fall by an average of around 2%, and the value of compact and mid-sized models expected to decrease by 2.4%, there are some good deals to be had on efficient (and not that old) used cars which will gain value once fuel prices start climbing again - and they will.
However, with used car prices still around 15 to 17% higher than those recorded in 2009, they are still at record highs, and with the supply of vehicles which are less than 5 years old (the second hand cars people actually buy) declining 14% within the same period, it’s clear that we are living in weird, transitional times, when buying a car, even a second hand one has become a financial gamble.
Story via The Detroit News
Google News