STUDY:Used car prices reached all time high in September

[divideandconquer]

STUDY:Used car prices reached all time high in September

by Chris Shunk

New car sales have been in a downward spiral for over a year now, and the big beneficiaries appear to be used cars (and repair shops). A study by Manheim Consulting shows that the company's Used Vehicle Value Index has risen to a record high of 118.5 in the month of September, up 1.8% versus August. That's the ninth straight increase this year, as Manheim's index has steamrolled northward by 6.9% over the past 12 months.

Used car sales have risen in part because many car buyers have decided to save money by buying used vehicles instead of new models, shrinking the supply of used vehicles on the market. And since fewer customers are buying new cars, dealers are left with fewer trade-ins. The month of September was especially impactful because many of the car-buyers who did buy new cars and trucks used Cash for Clunkers, and all of those vehicles ended up at the neighborhood crusher, not the used car lot.
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http://www.autoblog.com/2009/10/13/study-used-car-prices-reached-all-time-high-in-september/

[debbierlus]

1. Wait a minute...they didn't resell the Clunker Cars....

Then, it was environmentally devastating. It requires a TON of energy to produce a car and the savings in gas mileage and emissions will likely be off-set by the energy it took to replace all those vehicles

Wtf?

[Merchant Marine]

4. They replaced the engine oil with a saline solution

And ran them without lubrication till the internals seized. What a waste.

[liberal N proud]

2. Damn it, everyone has discovered my secret

I have never purchased a "new" vehicle.

Buying used has always allowed me to have a little better car than I could afford if buying new. When I go to the Auto Show, I am shopping for a car I might purchase 2 years down the road.

[madrchsod]

3. the cash for crap cars on the local dealer`s lot

were not worth reselling. the cars and trucks looked like they came from the salvage yards.

i`ve never had the money to buy a new car. i`ve always bought used cars from a dealer or a private seller