March Sets Used Car Sales Records, Prices Stay Up For April, May
By: Chris Austin
High used car prices make this the time to sell used, buy new
Carmel, IN, April 24, 2013—A perfect storm of factors will make the next six weeks a prime time to sell a used car. This is particularly the case if consumers are looking at buying new. March 2013 saw the highest used car sales for the month in 11 years. And according to CarBuyCo’s Vice President Leslie Vander Baan and KAR Auction Services’ Chief Economist Tom Kontos, the outlook for prices will continue to be positive for sellers.
“These are signs that those who were not able to afford a used car over the past several years are getting back into the market,” says Vander Baan. “More buyers for used cars means higher prices for those looking to sell. These are conditions that haven’t existed in several years. Whether your car is a 2008 or a 1998, the stronger economy means the numbers are in your favor.”
According to CNW Research, March used vehicle sales were at their highest level since 2002—surpassing 3 million. That number is up 11 percent over the 2.7 million sold one year ago. It’s believed that the growth was triggered by an increase in older vehicle sales and transactions by younger buyers and sellers ages 25-35.
Used car prices are mostly cyclical throughout the year. Generally, they taper off during the summer—along with new vehicle incentives. In the fall, an influx of supply from fleet vehicle turnover puts downward pressure on sellers. New car sales, another significant contributor to used car prices, are up as well. March sales are on pace to top 15.2 million for the year. That number has moved gradually but steadily upward from 10.4 million cars sold in 2009. In the long term, this growth in new car sales will inevitably mean more used cars are on the market, In turn, prices for pre-owned vehicles will continue to remain low.
CarBuyCo offers customers a quick and easy solution for selling their vehicle. The company’s no-haggle, no-hassle approach takes the guesswork and the frustration out of selling a vehicle privately or to a dealer. CarBuyCo’s buyers, located nationwide, will make an offer over the phone, come to you, pick up the car and confirm payment fast. Learn more at CarBuyCo.com.
CarBuyCo is a no-hassle solution for selling used vehicles. With experienced buyers nationwide, the company provides convenient services and a streamlined process that includes immediate purchase offers and same-day payments. CarBuyCo is a subsidiary of KAR Auction Services, Inc. KAR’s core business units include ADESA, a wholesale used vehicle operation; Insurance Auto Auctions (IAA), a salvage auto auction company and Automotive Finance Corporation (AFC), a capital funding source for the used vehicle industry. Visit www.carbuyco.com for more information.