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Tuesday, June 21, 2011

Used Car Prices To Rise

NEW YORK (CNNMoney) -- Used car buyers are about to find that it's tougher to find the models they want. And they may have to pay more for older, higher mileage cars too.

Why? It's yet one more thing to blame on the crisis that hit the auto industry and overall economy in 2008.

A key supply of late model used cars -- vehicles coming off of three-year leases -- is about to be choked off due to the crisis in the financial markets and the auto industry that summer that cut deeply into new leases.

"Leasing fell off across the board in 2008, so there's just not going to be as many of those late model, good quality cars coming into the market," said Belinda Aborts, director of automotive credit for auto research firm Experian.

Car leasing plunged in the summer of 2008, tumbling by 58% between June and November of that year, according to research firm R.R. Polk & Co.

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2 comments:

  1. AnonymousJune 21, 2011 at 12:30 PM

    Does cash for clunkers have anything to do with this? All those cars were destroyed and many were decent cars someone could have used. Again another problem the government tries to solve and creates yet another problem.

    ReplyDelete
  2. AnonymousJune 21, 2011 at 1:15 PM

    They are rising too according to NADA.
    My vehicle increased in value last month alone over 300.00 and my payment last month was less than that.
    Only 6 more payments and I'll be paid off! WooHoo!

    ReplyDelete

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