An interesting article to share from my Thursday, 19 February, Dow Jones News subscription.Used Car Sales Jump In Last 3 Months
"Some 511,000 used cars have been sold the past three
months that in normal economic times would have resulted
in a new-car purchase, auto-information firm
Edmunds.com said.
If that trend continues, it might sap some 2 million sales a
year from auto makers, who are struggling to stay afloat in
the worst sales environment in decades. That is some
15% of 2008 new-car sales and the three-month impact
equals the annual production of two assembly plants.
New-car sales in the U.S. have plunged since September,
with the monthly sales rate below 1 million each month.
The figure in January careened to 656,976, the lowest level
in 27 years.
The jump in used car sales comes at a time when auto
makers are cutting prices and boosting incentives. Various
proposals have also been floated on Capitol Hill regarding
incentives for new-car purchases."
Talking to a friend in banking enlightened me to the fact that all their recent car financing transactions have been people buying out their lease autos. Very interesting!
Anyone want to buy a 2005 Mercedes E320 sedan? I'll give you a good deal.
Until next time...
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