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New car prices are coming down and other Surprises in the Used Car Market
Article by Veda Auto
Consumers looking into the used car market may be surprised by some of the prices. Those looking to snag a deal by purchasing a car that is less than one year old and still under warranty, may be surprised to learn that buying a brand new vehicle could be cheaper.
With the global financial crisis and the decline of sales in new vehicles, many automotive dealers and manufacturers have found themselves with excess new models to unload. Searches on used Jeeps in Australia for example yielded prices that were comparable to deals on brand new vehicles.
According to experts, there have been a number of factors driving this trend. Many used vehicles are put on the market as a result of new car trade-ins; people have been holding on to their cars for longer so less stock is available in the market place. Dealers are also offering very generous deals in an attempt to push stock out the door.
Furthermore, there are a number of additional costs involved with the purchase of a used car, such as obtaining a vehicle check or a REVs check on the vehicle identification number as well as the costs of having a mechanic inspect the car. Car insurance can also be cheaper for newer vehicles as opposed to older models.
Meanwhile, with used car prices being temporarily inflated, depreciation in the coming year may be more difficult to predict. One year old models that are still under warranty could become scarce by the end of the year as simply less new cars are out there in the marketplace.
The leading US used car valuation site, Edmunds.com, has a list of vehicles in the US market where new vehicles are actually priced cheaper than used vehicles. Australian consumers have been seeing similar trends in some cars, especially with less popular models.
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