Car-Buying Season to Ramp up Used Sales; ‘Best’ Time to Buy Pre-Owned in Years
Car-buying season: May through September. What will it bring for used dealers?
On Thursday, Carfax reported that it is expecting 22.1 million used-car sales over the next few months.
Interestingly, the company explained that history shows that more than half of all used cars sold this year will be bought in the next five months.
"Summertime is typically when car sales, especially used-car sales, kick into high gear," said Larry Gamache, communications director at Carfax. "As the economic recovery continues, it's likely that more people will take advantage of an increased supply of used cars and great deals being offered at dealerships throughout the season."
Since consumers may be turning to pre-owned purchases in the next few months, Carfax encouraged buyers to consider a CPO car and to "take advantage of mobile apps."
For dealerships or OEMs not utilizing mobile marketing — now may be the time.
Interestingly, many experts and analysts such as The Today Show’s Jean Chatzky, are saying it’s the best time in years to buy a used car, as prices begin to lower.
When asked why used cars are such good deals these days, Chatzky, Today financial editor, said, "They are the best they have been in five years, and it is really a supply and demand issue. There were not enough used cars on the market, thanks to the tsunami, thanks to the fact that the economy was kind of rocky, people weren’t turning in cars … They were holding on to their cars, and they weren’t leasing as many. But this year, we are expecting just off-lease an additional half million that will be sold used."
To check out the full interview, see the video below: