Used car prices are rising. (Reporter Chen Manling/photo)
“Now buy a used car, don’t try to kill the price”, said Susan, a Chinese from Minnesota who just purchased a used car, although she did a lot of homework beforehand, she found that the price was not like before when she could have more or less bargaining space; another Chinese, Mike Wang, decided to give up buying a high-priced used car after comparing prices for half a day, and directly bought a new Toyota Corolla.
The above two consumers’ actual used car buying experience reflects the current used car market trend. Due to the global oversupply of computer chips and the closure of car factories during the epidemic, which caused many new cars using chips to reduce production, the number of new cars in the U.S. in April was 48 percent less than last year.
According to Kelley Blue Book car valuation service company, because the public is difficult to buy new cars, have turned to buy used cars, resulting in a lower inventory of used cars, the existing inventory of 2.34 million used cars across the United States, 530,000 less than the same period last year.
Edmunds, a car sales website, said the average price of a used car is now nearly 21 percent higher than last year, and the average price of a used car traded in in March was $17,080, about $3,000 more than the $14,160 in the same period last year.
Susan, who just got a job, said she was worried about car dealers coaxing prices for the first time, so she looked for friends familiar with used cars to understand, and she also did a lot of preparatory work, she first screened the car from the Internet to meet the budget, and then found time to go to the dealership to see the car on the ground, and decided to buy Toyota’s hybrid Prius, “but the price of a dime can not kill down “, she said, due to the car less customers, car dealers in the price than in previous years attitude tough, and finally she chose to give in.
Edmunds data show that the price of new car transactions in April is 13% higher than the original pricing (sticker price), but because the price of used cars also rose, a few days ago to buy a car for his high school son Mike Wang said that used cars are not cheap, in fact, the cost is similar to a new car, after several considerations, chose a new Toyota Corolla car that is on sale.
Edmunds website pointed out that several popular car models of 2018 can now be sold to 80% of the original price; while the three-year new van (minivan) can also be sold to 56% of the original price, if the family does not use the vehicle, perhaps you can take the opportunity to sell.
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