Used Cars Are Selling Fast

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Buying a used vehicle is a smart idea for many reasons.  When you buy new, your car starts depreciating in value the moment you drive it off the lot.  When you buy used, that initial depreciation has already happened and is built into the price of the car.  If you can find a used model that has decent mileage and is in good running order, you’re getting the best of both worlds both in price and value.

Buying used has changed in recent years, though.  Inventory has shrunk as demand has gone up, making prices higher for consumers.  When you find a good deal, if you hem and haw over your decision, you may just find that it’s been scooped up by someone else.

Why Inventory Has Shrunk

In 2009, the federal government introduced a scrappage program colloquially known as “Cash for Clunkers.”  The idea was to get gas guzzlers off the road, and to replace them with more fuel-efficient cars that were better for the environment.  It’s other purpose was to stimulate the economy through new car buying.

Whether you think the program was a success or not, it was efficient in removing a large number of older vehicles from the road permanently.  Today, there are less older model vehicles on the road because of the program.

Why Demand Has Gone Up

While some people did purchase new vehicles during Cash for Clunkers’ 8-month stint, many people found…{continue reading this piece on Caitlin Chrysler Dodge Jeep Ram}

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