Used Car Prices Soar

If you’re in the market for a car and think getting a used one will save you money, you might want think again. Industry experts say used car prices are up close to 30%

CEO of Riverside Ford Terry Tiller says over the last several months prices of used cars have soared. “We just see prices constantly climbing,” says Tiller. He says issues with manufacturing companies overseas and the Cash for Clunkers Program are responsible.

Joel Chambliss, who is in the market for a used car, says he is shocked when it comes to prices tags of used cars. “They are so much more higher than I anticipated,” says Chambliss.

Tiller also says consumers are holding on to their vehicles longer, and Chambliss has noticed the shortage in supply.

“I’m looking for something probably 3 years old and what I see are 2011s. The selection is down. There are only about 3 in the category I’m looking for,” says Chambliss.

According to Tiller, Riverside Ford usually keeps around 90 used cars in stock, but right now there are only 65 on the lot. Plus, Tiller says the available used cars now come in with more miles.

According to Tiller, here is the bottom line: new cars are still more expensive, but the price tag on used models may not be that far off.

>