Used Car Prices Heading South
Did we tell you a month ago to sell your used car now if you want to get the most mullah out of your clunker? We (or rather NADA) called the peak correctly. Used car prices are heading south.
Said Jonathan Banks, senior analyst with the National Automobile Dealers Association (NADA) Used Car Guide:
“The trend of rising prices for used cars will reverse course in June because of declining gasoline prices combined with a normal seasonal slowdown in consumer demand for used cars.”
Model Year
Make/Model
Jan.
May
Jan.-May
June
June vs. May
June vs. May
2009
Toyota Camry
$11,510
$13,235
15%
$12,560
– $675
– 5%
2009
Honda Civic
$10,987
$12,187
11%
$11,587
– $600
– 5%
2011
Toyota Prius
$18,875
$21,225
12%
$20,325
– $900
– 4%
2010
Hyundai Elantra
$10,742
$12,167
13%
$11,667
– $500
– 4%
2011
Nissan Versa
$10,527
$11,702
11%
$11,252
– $450
– 4%
2009
Dodge Caliber
$8,132
$9,157
13%
$8,807
– $350
– 4%
2011
Ford Fusion
$14,237
$15,662
10%
$15,112
– $550
– 4%
2009
Chevrolet Cobalt
$7,465
$8,565
15%
$8,265
– $300
– 4%
Nada figures that used-car values will decline by about 2 percent, while truck values will fall by about 1 percent. Prices for used compact and midsize cars will fall by an average of 2.4 percent, Nada predicts.
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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I imagine that it will still be a while before we see normalized used car prices (if Steve's experience at recent auctions is anything to go by).
Everything eventually needs an economic correction whether it's used cars, real estate or facebook stock.
Decent three or four year old, one-owner cars are scarce in Ontario and the sellers are looking for crazy, stupid amounts for them.
Wait, how can you get a DL as an illegal alien? I thought since 9/11 all the many forms of ID requited to get a DL would prevent that. I thought this was required by the Federal government because many of the people during 9/11 had obtained ID and shouldn't have been able to get it. Are they just faking birth certificates etc? something doesn't make sense, either New Mexico is violating the Federal standards or NM doesn't do a very good job of checking the ID required to get a DL.