Used Car Sales Fueled by Higher New Car Prices

You’re sick of breaking down, worrying if your vehicle will make it there and back, spending money on endless repairs – and spending more time with your mechanic than your family. When you find a reliable pre-owned vehicle, though, you can enjoy the quality, durability, and yes, even style, that you want. In fact, used car sales are stronger than ever. What’s driving this trend?

Industry experts say that higher new vehicle prices, coupled with increasing interest rates, is prompting more people to buy used cars. A decade ago, the average cost of a new car was $28,000. Today, it’s over $36,000. That is a 29% increase – and keep in mind that the average household income only rose by 6%.

And to add to the burden, interest rates jumped from about 5% to 6.26%. Not only is the car more expensive, so is financing it. Another trend causing the cost to creep up is the demand for pricier SUVs and more advanced technology.

When consumers see these new car prices, used suddenly seems a lot more favorable! It is a great option to consider. Over 4 million vehicles are going to come off lease this year alone, which will help build strong inventories for dealers. Further, when you find a reliable dealer, you can get a great deal on a great car. The options are not limited to standard sedans or boring economy models either. We’re seeing more luxury vehicles that have low mileage and are exceptionally maintained.

Palm Beach Auto Sales Outlet is committed to offering an inventory of the vehicles you want, at prices that fit your budget. Whether you are looking for a sensible Toyota, a family-friendly Subaru, or a sleek BMW, you will be able to find the car that meets your needs. Stop by and see us today!