Used car prices on the rise
Prices are soaring on used car lots around Lincoln. It's the strongest the market has been in more than 30 years.
The latest figures show that over the last few years new car sales have gone down by 36%, used car sales have only gone down by 14%. A weak economy combined with a recent streak of brutal natural disasters have had people buying used and keeping their cars longer.
Tim Richter is the general manager of Miracle Miles Motors in Lincoln. He says more people are buying used than ever. “It's more affordable, they're keeping their cars a little bit longer. That has a lot to do with the supply chain.”
Richter adds, “It's hard to find a good $3,000, $4,000, or $5,000 car. If you do, it's going to be something a little older with more miles on it than what normal expectations are.”
Prices on used cars are up to 30% year over year, but that's not all bad. A high price tag is good for trade in. As any driver knows, nothing lasts forever. Richter says, “It'll take a good 24 to 36 months before the supply starts evening out a little bit.”