Demand drives up used car prices | Automotive
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JACKSONVILLE, Fla. -- Used cars are in demand and prices are on the rise. Janet and Todd Kuchler are in the market for a car.
"We've decided we wanted to get a hybrid, and we came in and the hybrids are very difficult to get that are used," Janet said.
So why is there a shortage of something so common like used cars? Mitch Denley of Mike Davidson Ford explained, "A lot of people are looking for a good quality, pre-owned vehicle, and with cash for clunkers and some of the hurricanes, there's been a shortage of used cars."
It's been the perfect storm, causing a used car shortage and potentially costing you more money. First, Superstorm Sandy destroyed an estimated 250,000 vehicles. Also, the recession is causing people to keep their cars longer because they cannot afford to buy new ones. And cars are more reliable and last longer these days.
Mitch Denley of Mike Davidson Ford said there are ways to still find a good deal. "There are guides out there. NADA, KBB, kind of give them an idea of what the vehicle is worth, so they know if you are advertising a good price or not."
Forcing families like the Kucklers to change their buying plans.
"With used cars being in demand so much, the prices of used cars goes up, which means a new car is a better deal right now," Janet said.