The Used Cars Market is Booming

There is a new trend with first-time car buyers. Not as many people are turning to new automobiles for their first car as they did in the past. Affording the new car of their dreams isn’t as easy as it once was. Instead, people are turning in droves to the next best thing: used cars. That dream car may not be brand new, but it can still be had.

New car sales have flattened out in recent years, but the pre-owned market has seen double-digit growth each year over recent years. The past year alone saw a rise of 15%, falling just slightly below that of the previous year. And this trend isn’t expected to slow down any time soon. The customer base is becoming younger. Used car dealerships are seeing many first-time buyers now in their early 20’s. Also, more and more, current car owners are turning to pre-owned vehicles instead of buying new.
On top of the bargain factor, there is the added appeal of so many different cars available. In 2008 to 2009 there was an estimated 1.5 million used cars for sale. This number has been increasing steadily. Analysts project that within the next five years the market for pre-owned vehicles is going to more than double that of new ones. Online sales and auctions are helping to speed this growth along. With the increasing use of mobile smart phones to surf the internet it’s becoming easier for buyers to shop and compare than visiting dealerships in person.
People who do buy new are also turning them over for another car much earlier than seen in the past. They used to keep them for at least 6 to 8 years before replacing them. Now the trend is only 3 to 4 years, making the models of used cars available newer and even more appealing. So if you’re looking for a good bargain, the market is in your favor.
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