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As the Economy Improves, Used Cars Losing Value

 
As the Economy Improves, Used Cars Losing Value
Posted May 22nd, 2013 @ 8:57am by Berit Mason

The used car market is loaded
with clunkers according to Texas
car dealer Ray Huffines. He says it's
because people have been
holding onto their old cars for
so long ... that their trade in
isn't gently used: it's an eleven
year old clunker. Huffines says
it's one reason why used
cars aren't as expensive as they
were in during the great recession
of 2009.

"It's not a huge correction but
a slight correction where the prices
are coming down and they
really needed to because
they had just gone up so much."


He says trucks and van
prices are up 3% and 8%
respectively because
a strong housing market
means contractors need
more vehicles.

"It's because the housing industry
is coming back and these are
work trucks and contractors
need a new truck or van for
their business."


Huffines says
new car shoppers should
trade in their old car now
or it will continue
to depreciate bringing


"Car sales are good compared to
2009, the bottom where people
held back on making major
purchases but since then it's
really been picking up."
 

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