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Found 22 results

  1. Around this time last year, rental car companies found themselves selling off a fair amount of their inventory as the COVID-19 pandemic devastated the travel industry. With travel starting to bounce back, rental car companies now find themselves with a new problem - a shortage of vehicles to rent. Usually, they would turn to automakers and buy up a batch of new cars to shore up inventory. But the on-going semiconductor shortage has automakers cutting back on production, and causing rental companies to look at used cars. “You would never go into auction to buy routine sedans and SUVs. Thes
  2. Around this time last year, rental car companies found themselves selling off a fair amount of their inventory as the COVID-19 pandemic devastated the travel industry. With travel starting to bounce back, rental car companies now find themselves with a new problem - a shortage of vehicles to rent. Usually, they would turn to automakers and buy up a batch of new cars to shore up inventory. But the on-going semiconductor shortage has automakers cutting back on production, and causing rental companies to look at used cars. “You would never go into auction to buy routine sedans and SUVs. Thes
  3. New cars are getting more and more expensive. Kelly Blue Book reported earlier this month that the average transaction price of a new car was $35,541, up 1.8 percent compared to the same time last year. This has more consumers checking out the used car lot, causing demand to rise. “Customers forget a new car is now more than $30,000 and they expect it to be $20,000,” said Brian Allan, a senior director at Galpin Motors Inc., to the Wall Street Journal. “When people see the price has gone up, it is sticker shock, especially when people only buy a car every five to six years." Dat
  4. New cars are getting more and more expensive. Kelly Blue Book reported earlier this month that the average transaction price of a new car was $35,541, up 1.8 percent compared to the same time last year. This has more consumers checking out the used car lot, causing demand to rise. “Customers forget a new car is now more than $30,000 and they expect it to be $20,000,” said Brian Allan, a senior director at Galpin Motors Inc., to the Wall Street Journal. “When people see the price has gone up, it is sticker shock, especially when people only buy a car every five to six years." Dat
  5. With more people trending towards trucks and utility vehicles, it would be expected that prices on cars would be falling. But not on used cars according to Edmunds. In their latest Used Car Report, Edmunds says the average price for a used subcompact rose 3 percent in the first quarter. Compacts saw their average price increase by 3.9 percent. The reason according to the report is due to the increasing cost for a gallon of gas. "Used-car shoppers are typically more price-sensitive to changes in the market, but this is the first time in years that we're seeing renewed demand for smal
  6. With more people trending towards trucks and utility vehicles, it would be expected that prices on cars would be falling. But not on used cars according to Edmunds. In their latest Used Car Report, Edmunds says the average price for a used subcompact rose 3 percent in the first quarter. Compacts saw their average price increase by 3.9 percent. The reason according to the report is due to the increasing cost for a gallon of gas. "Used-car shoppers are typically more price-sensitive to changes in the market, but this is the first time in years that we're seeing renewed demand for smal
  7. Luxury automakers have been taking full advantage of the high-demand for SUVs and crossovers and raking in the dough. But as Neuton's third law of physics tells us, "for every action, there is an equal and opposite reaction." In the case of luxury automakers, they have a number of sedans and coupes from lease turn-ins that they cannot sell. “It’s not necessarily the overwhelming amount of vehicles, it’s the mix of those flood of vehicles. You’re throwing all these cars into the marketplace a couple years after it has evaporated and jumped into SUVs,” said Scott Keogh, president of Audi of
  8. Luxury automakers have been taking full advantage of the high-demand for SUVs and crossovers and raking in the dough. But as Neuton's third law of physics tells us, "for every action, there is an equal and opposite reaction." In the case of luxury automakers, they have a number of sedans and coupes from lease turn-ins that they cannot sell. “It’s not necessarily the overwhelming amount of vehicles, it’s the mix of those flood of vehicles. You’re throwing all these cars into the marketplace a couple years after it has evaporated and jumped into SUVs,” said Scott Keogh, president of Audi of
  9. The past few years have seen a number of start-ups tackling an issue that has been a thorn in the side of consumers, buying a used car. Companies such as Beepi, Carvana, Shift, and Vroom have their own take on selling used vehicles, but the goal is the same - make it less of a hassle to buy a car by selling directly to a consumer through the internet at a lower price. But one of these companies has folded most of their operations. Beepi, one of the first companies to launch back in 2014 folded most of its operations last week and announced yesterday that it would be merging Fair.com, a so
  10. The past few years have seen a number of start-ups tackling an issue that has been a thorn in the side of consumers, buying a used car. Companies such as Beepi, Carvana, Shift, and Vroom have their own take on selling used vehicles, but the goal is the same - make it less of a hassle to buy a car by selling directly to a consumer through the internet at a lower price. But one of these companies has folded most of their operations. Beepi, one of the first companies to launch back in 2014 folded most of its operations last week and announced yesterday that it would be merging Fair.com, a so
  11. A record number of consumers are finding themselves 'underwater' when it comes time to trade-in their vehicle - the vehicle is worth less than what they owe on their loan. The Detroit Free Press cites a study done by Edmunds revealing that in the second quarter of this year, 32 percent or nearly one-third of vehicles being traded in fall into the 'underwater' category. This isn't good news for consumers since the difference is tacked on to the new vehicle they had their eye on. To put this in perspective, the previous high was 29.2% in 2006, around the time where the housing market
  12. A record number of consumers are finding themselves 'underwater' when it comes time to trade-in their vehicle - the vehicle is worth less than what they owe on their loan. The Detroit Free Press cites a study done by Edmunds revealing that in the second quarter of this year, 32 percent or nearly one-third of vehicles being traded in fall into the 'underwater' category. This isn't good news for consumers since the difference is tacked on to the new vehicle they had their eye on. To put this in perspective, the previous high was 29.2% in 2006, around the time where the housing market
  13. With the average price of new cars on the rise, the price of used cars follows suit. A new study done by Edmunds finds the average price of a used car has hit a new record high in the second quarter. The average price of a used car has climbed to $18,800, up 7.6 percent when compared to the same time last year. "People are buying more trucks and SUVs, and they're getting them better equipped. More expensive new vehicles means more expensive used vehicles," said Jessica Caldwell, analyst at Edmunds.com. What is causing the uptick in used car prices? The same items which are causing new
  14. With the average price of new cars on the rise, the price of used cars follows suit. A new study done by Edmunds finds the average price of a used car has hit a new record high in the second quarter. The average price of a used car has climbed to $18,800, up 7.6 percent when compared to the same time last year. "People are buying more trucks and SUVs, and they're getting them better equipped. More expensive new vehicles means more expensive used vehicles," said Jessica Caldwell, analyst at Edmunds.com. What is causing the uptick in used car prices? The same items which are causing new
  15. If you are considering buying a used car this year, then we have some good news for you. A new vehicle depreciation report from used car value service, Black Book and Fitch Ratings Inc., says that 2015 will see used car values depreciate 14.5 percent. This is an increase from 2014's deprecation rate of 12.1 percent. So why the increase in depreciation? It comes down to two key factors; an increased supply in used cars and a larger volume of off-lease vehicles. “2014 depreciation was defined by pockets of volatility due to seasonality, harsh weather patterns and falling fuel prices impacting
  16. If you are considering buying a used car this year, then we have some good news for you. A new vehicle depreciation report from used car value service, Black Book and Fitch Ratings Inc., says that 2015 will see used car values depreciate 14.5 percent. This is an increase from 2014's deprecation rate of 12.1 percent. So why the increase in depreciation? It comes down to two key factors; an increased supply in used cars and a larger volume of off-lease vehicles. “2014 depreciation was defined by pockets of volatility due to seasonality, harsh weather patterns and falling fuel prices impacting
  17. Since the recession has ended, the average price of a used car was soared due limited supply. But The Detroit News says with more vehicles coming in due to leases coming to an end, prices are beginning to fall. According to CNW Research, the average transaction price of a used car in September was $10,963. Compared to the same time last year, the average has dropped 2.1 percent. "During the recession, it almost cost as much to get a used car as it did to get a new car, but now the market is going back to historical norms and it's going to be better every month. From 2008 to 2012, there was a
  18. Since the recession has ended, the average price of a used car was soared due limited supply. But The Detroit News says with more vehicles coming in due to leases coming to an end, prices are beginning to fall. According to CNW Research, the average transaction price of a used car in September was $10,963. Compared to the same time last year, the average has dropped 2.1 percent. "During the recession, it almost cost as much to get a used car as it did to get a new car, but now the market is going back to historical norms and it's going to be better every month. From 2008 to 2012, there was a
  19. William Maley Staff Writer - CheersandGears.com July 30, 2013 Interested in buying a used car? Then we got some good news for you. According to Associated Press (via The Detroit News), prices of used cars are dropping. Despite hitting an all-time high back in 2011 thanks to fewer used cars in stock, prices since then have been declining. According to to data from auction company Manheim, the average sale price of a vehicle at auction in June was $11,031, down 6 percent when compared to the peak of used car prices in May 2011. The reason? Sales of new vehicles are on the rise, which means
  20. William Maley Staff Writer - CheersandGears.com July 30, 2013 Interested in buying a used car? Then we got some good news for you. According to Associated Press (via The Detroit News), prices of used cars are dropping. Despite hitting an all-time high back in 2011 thanks to fewer used cars in stock, prices since then have been declining. According to to data from auction company Manheim, the average sale price of a vehicle at auction in June was $11,031, down 6 percent when compared to the peak of used car prices in May 2011. The reason? Sales of new vehicles are on the rise, which means
  21. William Maley Staff Writer - CheersandGears.com September 16, 2012 This year saw the average price of the used car reach an all-time high due to severe shortage of used vehicles. “The supply right now is so low, that is controlling everything in the used-market values. There just aren’t enough vehicles out there relative to used-car demand,” said Eric Lyman, ALG’s vice president of residual value solutions. However the supply is beginning to increase slowly thanks in part turn-around in new vehicle sales. With this, ALG believes within the next twelve months, the average used-vehicle pric
  22. William Maley Staff Writer - CheersandGears.com September 16, 2012 This year saw the average price of the used car reach an all-time high due to severe shortage of used vehicles. “The supply right now is so low, that is controlling everything in the used-market values. There just aren’t enough vehicles out there relative to used-car demand,” said Eric Lyman, ALG’s vice president of residual value solutions. However the supply is beginning to increase slowly thanks in part turn-around in new vehicle sales. With this, ALG believes within the next twelve months, the average used-vehicle pric

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