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Used Car Prices: Market
built 290 days ago
Used car sales could cut into new car sales, but automakers are hoping the effect is minimized by a strong overall market for both, according to the report. "It will wash itself out," Paul Ballew, GM's director of global market and industry analysis, said in the newspaper, referring to the used car glut.
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Market players give a mixed response over the unsold stocks as many say that 30-40 per cent used cars out of over 45,000 units imported in 2005-06 are still at the showrooms. Many of these cars are being offered with CNG kits but buyers appear uninterested.
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The industry uses any of several books as price guides: The "NADA Official Used Car Guide," "National Auto Research Black Book," "Kelley Blue Book Auto Market Report" and "Galves Auto Price List." These books -- ... available online -- purport to reflect the average wholesale prices that various cars are bringing across the country. The only problem is that they usually don't agree on a set price.
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There are many good used car deals. The used car market has become explosive. It is estimated that over 45 million used cars were sold in 2006 compared to 17 million new cars.
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There is ... a big supply of domestic, mid-sized passenger cars in the used-car market. Remember, when it comes to shopping for a used car, more is more. The bigger the supply of the used model you're looking for, the better your chance of getting a deal on the price.
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Detroit automakers are indirectly contributing to the bonanza in used cars by reducing very-low-margin fleet sales to rental car companies. This means the rental firms are holding onto the cars they have longer and keeping a huge amount of potential used cars off the market... restricting supply.
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