Car Buyers Fly Passed the Car Lot and Flock Online
Used cars are in! Car buyers are increasingly soaking up the limited supply of used vehicles at some of the highest prices in years, even as auto dealers can’t give their cars away on the lot.
Americans purchased nearly 4 million used cars in May, jumping 23 percent over the previous month, according to CNW Research. That comes as sales of new cars have plunged roughly 34 percent, despite sweetened offers from dealers.
There’s a shortage of used cars. Dealers are scrambling to secure vehicles that they can flip. Sites like NJville.com, a New Jersey based online car listings site, are benefiting from the recent trends in the market.
According to Craig Wurtenberg, NJville.com co-founder, business has never been better.
‘We’ve seen a spike in our autos section for used cars 10k and under, and the auto services and repair categories have jumped. People are going for used cars or the mechanic instead of the new lease or finance,’ said Wurtenberg.
Ultimately, there are going to be winners and losers in this post-apocalyptic economy.
We can only hope the collateral damage is minimized and we learn from our mistakes moving forward.
In the meantime, the internet migration might be the smart move to save money on your next car purchase.