“Used Car Prices Reach Historic High” |
| Used Car Prices Reach Historic High Posted: 11 Jan 2011 03:03 PM PST POSTED: 3:12 pm EST January 11, 2011 SANFORD, Fla. -- The market for used cars is flourishing across the nation as dealerships that focus on new cars have struggled.The problem for consumers is the demand for used cars is greater than the supply, which means the price of used cars has climbed.Used car dealers said now is still a good time to buy a used car because, even though prices are higher, they will likely continue to rise."They may pay more now, but prices are only going to go up. This isn't like the housing market, where there's a bubble and it's going to bust, and they're going to go down," Blue Book Cars Owner Steve Lash said.Lash has been selling used cars in Sanford for several decades. He said used car owners may be surprised to learn what a good deal they may get if they trade up."You can probably trade up to a new car for not a whole lot more money, and then you have a warranty and everything that goes along with it, and sometimes even no interest," Lash said.But those who plan to shop for a used car should be prepared to pay significantly more than they would have a few years ago.According to the National Automobile Dealers Association, from 2005 to 2010 the average price of a one- to five-year-old pickup truck rose from $15,000 to $18,000, and cars in the same age bracket rose from $10,500 to $13,200. Copyright 2011 by WESH.COM. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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