Getting more for Selling Used Cars than New Cars Cost

Getting more for Selling Used Cars than New Cars Cost

Everyone knows that cars make a terrible investment; in fact, as a way to lose money, cars might stand second only to expensive clothes and electronics. At least, that's how conventional wisdom goes; anyone knows for instance, that the moment you drive a car off the dealership, you lose 10% right there. For a couple of years now though, the market has gone through a kind of weird transformation. Today, not only does a car not lose value when you drive it off the lot, it actually gains in value. Buy a new Prius today or another fuel-efficient car, and you could well drive it for a full year and sell it for more than you bought it for at the end of the period. It's like you get a free car every year. Certainly, gas prices have fallen from the $5 peaks they were on not long ago; but the way gas has plateaued at about $4 for months, Americans seem to have found a permanent preference for gas sippers over gas guzzlers. As more Americans choose used hybrids, demand has been pushed so high, selling used cars has never been a more profitable activity.

But it isn't just used hybrids that are in demand these days. Selling used cars in general, tends to be quite a profitable activity these days there are three-year-old compact cars there seeing a resurgence on the used car market, selling at a third more than they used to just a couple of months ago. A 2008 Honda Civic LX will fetch you $1800 more today than it would have been just six months ago. A Ford focus of similar vintage will get you 70% of what you would have paid for it back then. When it comes to Priuses, new ones are in such short supply these days because of the earthquake in Japan that you can actually get more for an old Prius than you would pay for a new one.

It doesn't happen often that a variety of causes should conspire to come together and raise used car prices like this. But that's exactly what's happened now. Gas prices have been quite high for quite a while today that everyone's anxious to get a high-mileage vehicle; since such cars are usually expensive, they really hope for a nice used car. Unfortunately, there's a kind of shortage on the used car market. The recession has meant that people have been unwilling over the past three years to buy new cars or sell old ones. Since people have seen their credit scores drop over the past three years, they cant even get a lease; which means that the after-lease market has ceased to be a steady source of used cars as well. The tsunami in in Japan just capped the whole thing off.

Businesses that deal in selling used cars have really been stepping efforts up trying to find people who'll sell. Take a car in to be serviced or cleaned, and you probably come away with a few offers. They are everywhere.

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