Used Car Shortage Keeps Prices High

Several factors are keeping used car prices high, but the big two, at least in my mind are (1) Cash-for-Clunkers which sent 700,000 used cars out of the market and into the crusher, and (2) a sluggish economy has many would-be buyers holding on to their current vehicle. NADA reports that the average car on the American road today is 9.4 years old, a record for the industry. This is creating a huge pent up demand.
Bottom line: WE NEED YOUR USED CAR!
Source: Minnesota Public Radio


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