Used Cars Worth More than New?
How to choose the best option for your budget.
Web2Carz Contributing Writer
Published: July 12th, 2011
Becoming exhausted with your ride? Used car prices seem to be on the rise. Tough economic times, natural disasters and government policy have all had a hand in making used cars more valuable. Right now may be the best time to sell a used car, and some may even make a profit.
Related Vehicles: hyundai elantra | porsche cayenne | mazda cx-9
Some used car makes and models have higher returns than their newer counterparts. The right economic circumstances have brought down the value and demand of new vehicles while increasing the prices of used cars.
Following the climax of the 2008 recession, tighter budgets pushed more drivers into used cars. Since then, dealership stock levels have been on the decline as they have scrambled to increase their used cars inventory. The lack of leasing due to tight credit markets has also motivated more consumers into used cars.
The earthquake and tsunami in Japan earlier this year has also had a hand in raising used car prices. Following the catastrophe, manufacturer assembly lines have come to a standstill as major Japanese automakers and parts assemblers have headed for higher grounds.
Government regulation and intervention has also helped bring up the prices of used cars and trucks. The Cash for Clunkers program removed more than 700,000 outdated vehicles off the road, thus increasing the value and demand of the remaining newer used car still on the road.
Not all the most popular used vehicles are retaining or increasing in value. Currently, the most popular used cars are the Mazda CX-9, Porsche Cayenne and Hyundai Elantra, according to Fox Business News.
Both hybrids and compact used car prices are on the rise. Used compact cars less than five years old are up 30 percent in value, while used hybrids are increasingly sought.
Looking to sell a used car? Web2Carz is here to help you off the line. Add your vehicle to our used car classifieds for free! Also, you can research your next Used Car here!