Why Right Now Might Be the Time to Buy or Lease a Used Car – NBC News
Why Right Now Might Be the Time to Buy or Lease a Used Car
by Herb Weisbaum
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Good news for anyone looking for a used car or truck. These days you’ll find a larger selection of late-model vehicles on the lot — and in some cases, pay less than expected. You might even be able to lease a fairly low-mileage certified pre-owned vehicle.
“It’s a excellent time to buy a used car,” said Michelle Krebs, senior analyst with Autotrader. “We’re witnessing used car prices drop from what had been record highs because the supply is enhancing. The supply is up, so the prices are going down.”
And those prices may proceed to fall. In March, wholesale prices at used car auctions around the country were down 1.6 percent from the year before, according to the Manheim auction company.
- Embed
You’ll find some of the best deals right now on puny and midsize cars, Krebs told NBC News. These would include the Honda Civic, Ford Concentrate, Toyota Camry and Chevy Malibu.
On the flipside, you may get less for your trade-in, especially if it’s a petite car or mid-size sedan, Krebs said.
The popularity of leasing in the fresh car market is driving this flood of used vehicles. About thirty percent of all fresh cars are now leased, and most people don’t buy them at the end of the contract.
Jonathan Banks, executive analyst with the National Auto Dealers Association (NADA), told CNBC’s “Trading Nation” there will be 800,000 more lease comebacks hitting the market this year than in 2015.
The NADA Used Car Guide predicts a five to six percent drop in used car prices this year, the very first significant price decline in eight years.
And it looks like the supply-demand curve will be out of balance for some time to come. TrueCar.com expects a ten percent increase in the supply of one- to five-year-old vehicles from now through 2018.
Used car sales strong
For millions of Americans, a used vehicle is the best — or sometimes only — option. Sales of pre-owned cars and trucks are going strong: thirty eight million sold last year, up Five.6 percent. The average price hit a record high of $Legitimate,600 last year, according to the two thousand fifteen Used Vehicle Report from Edmunds.com.
Edmunds.com analyst Ivan Drury told NBC News the price decline is not across the board. While the price of subcompact, compact and mid-sized cars is plane or down, prices are up for SUVs, crossovers and pickup trucks, which are very popular with today’s low gas costs
“If you’re looking for a car, up to five or six years old, you’re good. If you’re looking for a pickup truck or SUV, you’re going to pay a bit more regardless of the age range,” Drury said.
Would you like to lease that used vehicle?
With so many used vehicles to budge off the lot, some dealers and lenders are suggesting the leasing option for certified pre-owned (CPO) makes and models. CPO vehicles must meet certain age (typically no more than three or four model years) and mileage boundaries, and pass a dealer’s inspection program.
Ally Financial now offers its Pre-Owned SmartLease on fifteen brands and almost forty models. The program flipped out nationwide earlier this year following a successful pilot test.
BMW of North America, Toyota and Lexus also see certified leasing as a way to get more people into used vehicles.
“It’s not a 90-day program. It’s part of a long-term strategy,” Mike Wells, group vice president of sales, marketing and product for Toyota Financial Services, told Automotive News recently.
Beepi, a fresh online used-car buying service based in San Francisco and available in nine states, just added the lease option for 2013, two thousand fourteen and two thousand fifteen models. Mileage limitations are more generous than most fresh car leases, 15,000 rather than 12,000 miles.
“We can suggest lower monthly payments and more plasticity,” Beepi’s Kyle Thibaut told NBC News. “You get a lot of savings and a fairly fresh vehicle.”
Why Right Now Might Be the Time to Buy or Lease a Used Car – NBC News
Why Right Now Might Be the Time to Buy or Lease a Used Car
by Herb Weisbaum
- Share
- Share
- Tweet
Good news for anyone looking for a used car or truck. These days you’ll find a larger selection of late-model vehicles on the lot — and in some cases, pay less than expected. You might even be able to lease a fairly low-mileage certified pre-owned vehicle.
“It’s a superb time to buy a used car,” said Michelle Krebs, senior analyst with Autotrader. “We’re watching used car prices drop from what had been record highs because the supply is enhancing. The supply is up, so the prices are going down.”
And those prices may proceed to fall. In March, wholesale prices at used car auctions around the country were down 1.6 percent from the year before, according to the Manheim auction company.
- Embed
You’ll find some of the best deals right now on petite and midsize cars, Krebs told NBC News. These would include the Honda Civic, Ford Concentrate, Toyota Camry and Chevy Malibu.
On the flipside, you may get less for your trade-in, especially if it’s a puny car or mid-size sedan, Krebs said.
The popularity of leasing in the fresh car market is driving this flood of used vehicles. About thirty percent of all fresh cars are now leased, and most people don’t buy them at the end of the contract.
Jonathan Banks, executive analyst with the National Auto Dealers Association (NADA), told CNBC’s “Trading Nation” there will be 800,000 more lease comebacks hitting the market this year than in 2015.
The NADA Used Car Guide predicts a five to six percent drop in used car prices this year, the very first significant price decline in eight years.
And it looks like the supply-demand curve will be out of balance for some time to come. TrueCar.com expects a ten percent increase in the supply of one- to five-year-old vehicles from now through 2018.
Used car sales strong
For millions of Americans, a used vehicle is the best — or sometimes only — option. Sales of pre-owned cars and trucks are going strong: thirty eight million sold last year, up Five.6 percent. The average price hit a record high of $Legal,600 last year, according to the two thousand fifteen Used Vehicle Report from Edmunds.com.
Edmunds.com analyst Ivan Drury told NBC News the price decline is not across the board. While the price of subcompact, compact and mid-sized cars is vapid or down, prices are up for SUVs, crossovers and pickup trucks, which are very popular with today’s low gas costs
“If you’re looking for a car, up to five or six years old, you’re good. If you’re looking for a pickup truck or SUV, you’re going to pay a bit more regardless of the age range,” Drury said.
Would you like to lease that used vehicle?
With so many used vehicles to budge off the lot, some dealers and lenders are suggesting the leasing option for certified pre-owned (CPO) makes and models. CPO vehicles must meet certain age (typically no more than three or four model years) and mileage thresholds, and pass a dealer’s inspection program.
Ally Financial now offers its Pre-Owned SmartLease on fifteen brands and almost forty models. The program spinned out nationwide earlier this year following a successful pilot test.
BMW of North America, Toyota and Lexus also see certified leasing as a way to get more people into used vehicles.
“It’s not a 90-day program. It’s part of a long-term strategy,” Mike Wells, group vice president of sales, marketing and product for Toyota Financial Services, told Automotive News recently.
Beepi, a fresh online used-car buying service based in San Francisco and available in nine states, just added the lease option for 2013, two thousand fourteen and two thousand fifteen models. Mileage confinements are more generous than most fresh car leases, 15,000 rather than 12,000 miles.
“We can suggest lower monthly payments and more plasticity,” Beepi’s Kyle Thibaut told NBC News. “You get a lot of savings and a fairly fresh vehicle.”
Why Right Now Might Be the Time to Buy or Lease a Used Car – NBC News
Why Right Now Might Be the Time to Buy or Lease a Used Car
by Herb Weisbaum
- Share
- Share
- Tweet
Good news for anyone looking for a used car or truck. These days you’ll find a larger selection of late-model vehicles on the lot — and in some cases, pay less than expected. You might even be able to lease a fairly low-mileage certified pre-owned vehicle.
“It’s a good time to buy a used car,” said Michelle Krebs, senior analyst with Autotrader. “We’re witnessing used car prices drop from what had been record highs because the supply is enhancing. The supply is up, so the prices are going down.”
And those prices may proceed to fall. In March, wholesale prices at used car auctions around the country were down 1.6 percent from the year before, according to the Manheim auction company.
- Embed
You’ll find some of the best deals right now on petite and midsize cars, Krebs told NBC News. These would include the Honda Civic, Ford Concentrate, Toyota Camry and Chevy Malibu.
On the flipside, you may get less for your trade-in, especially if it’s a petite car or mid-size sedan, Krebs said.
The popularity of leasing in the fresh car market is driving this flood of used vehicles. About thirty percent of all fresh cars are now leased, and most people don’t buy them at the end of the contract.
Jonathan Banks, executive analyst with the National Auto Dealers Association (NADA), told CNBC’s “Trading Nation” there will be 800,000 more lease comebacks hitting the market this year than in 2015.
The NADA Used Car Guide predicts a five to six percent drop in used car prices this year, the very first significant price decline in eight years.
And it looks like the supply-demand curve will be out of balance for some time to come. TrueCar.com expects a ten percent increase in the supply of one- to five-year-old vehicles from now through 2018.
Used car sales strong
For millions of Americans, a used vehicle is the best — or sometimes only — option. Sales of pre-owned cars and trucks are going strong: thirty eight million sold last year, up Five.6 percent. The average price hit a record high of $Legal,600 last year, according to the two thousand fifteen Used Vehicle Report from Edmunds.com.
Edmunds.com analyst Ivan Drury told NBC News the price decline is not across the board. While the price of subcompact, compact and mid-sized cars is plane or down, prices are up for SUVs, crossovers and pickup trucks, which are very popular with today’s low gas costs
“If you’re looking for a car, up to five or six years old, you’re good. If you’re looking for a pickup truck or SUV, you’re going to pay a bit more regardless of the age range,” Drury said.
Would you like to lease that used vehicle?
With so many used vehicles to stir off the lot, some dealers and lenders are suggesting the leasing option for certified pre-owned (CPO) makes and models. CPO vehicles must meet certain age (typically no more than three or four model years) and mileage thresholds, and pass a dealer’s inspection program.
Ally Financial now offers its Pre-Owned SmartLease on fifteen brands and almost forty models. The program flipped out nationwide earlier this year following a successful pilot test.
BMW of North America, Toyota and Lexus also see certified leasing as a way to get more people into used vehicles.
“It’s not a 90-day program. It’s part of a long-term strategy,” Mike Wells, group vice president of sales, marketing and product for Toyota Financial Services, told Automotive News recently.
Beepi, a fresh online used-car buying service based in San Francisco and available in nine states, just added the lease option for 2013, two thousand fourteen and two thousand fifteen models. Mileage confinements are more generous than most fresh car leases, 15,000 rather than 12,000 miles.
“We can suggest lower monthly payments and more plasticity,” Beepi’s Kyle Thibaut told NBC News. “You get a lot of savings and a fairly fresh vehicle.”
Why Right Now Might Be the Time to Buy or Lease a Used Car – NBC News
Why Right Now Might Be the Time to Buy or Lease a Used Car
by Herb Weisbaum
- Share
- Share
- Tweet
Good news for anyone looking for a used car or truck. These days you’ll find a larger selection of late-model vehicles on the lot — and in some cases, pay less than expected. You might even be able to lease a fairly low-mileage certified pre-owned vehicle.
“It’s a excellent time to buy a used car,” said Michelle Krebs, senior analyst with Autotrader. “We’re observing used car prices drop from what had been record highs because the supply is enlargening. The supply is up, so the prices are going down.”
And those prices may proceed to fall. In March, wholesale prices at used car auctions around the country were down 1.6 percent from the year before, according to the Manheim auction company.
- Embed
You’ll find some of the best deals right now on puny and midsize cars, Krebs told NBC News. These would include the Honda Civic, Ford Concentrate, Toyota Camry and Chevy Malibu.
On the flipside, you may get less for your trade-in, especially if it’s a puny car or mid-size sedan, Krebs said.
The popularity of leasing in the fresh car market is driving this flood of used vehicles. About thirty percent of all fresh cars are now leased, and most people don’t buy them at the end of the contract.
Jonathan Banks, executive analyst with the National Auto Dealers Association (NADA), told CNBC’s “Trading Nation” there will be 800,000 more lease comebacks hitting the market this year than in 2015.
The NADA Used Car Guide predicts a five to six percent drop in used car prices this year, the very first significant price decline in eight years.
And it looks like the supply-demand curve will be out of balance for some time to come. TrueCar.com expects a ten percent increase in the supply of one- to five-year-old vehicles from now through 2018.
Used car sales strong
For millions of Americans, a used vehicle is the best — or sometimes only — option. Sales of pre-owned cars and trucks are going strong: thirty eight million sold last year, up Five.6 percent. The average price hit a record high of $Legitimate,600 last year, according to the two thousand fifteen Used Vehicle Report from Edmunds.com.
Edmunds.com analyst Ivan Drury told NBC News the price decline is not across the board. While the price of subcompact, compact and mid-sized cars is plane or down, prices are up for SUVs, crossovers and pickup trucks, which are very popular with today’s low gas costs
“If you’re looking for a car, up to five or six years old, you’re good. If you’re looking for a pickup truck or SUV, you’re going to pay a bit more regardless of the age range,” Drury said.
Would you like to lease that used vehicle?
With so many used vehicles to stir off the lot, some dealers and lenders are suggesting the leasing option for certified pre-owned (CPO) makes and models. CPO vehicles must meet certain age (typically no more than three or four model years) and mileage thresholds, and pass a dealer’s inspection program.
Ally Financial now offers its Pre-Owned SmartLease on fifteen brands and almost forty models. The program spinned out nationwide earlier this year following a successful pilot test.
BMW of North America, Toyota and Lexus also see certified leasing as a way to get more people into used vehicles.
“It’s not a 90-day program. It’s part of a long-term strategy,” Mike Wells, group vice president of sales, marketing and product for Toyota Financial Services, told Automotive News recently.
Beepi, a fresh online used-car buying service based in San Francisco and available in nine states, just added the lease option for 2013, two thousand fourteen and two thousand fifteen models. Mileage confinements are more generous than most fresh car leases, 15,000 rather than 12,000 miles.
“We can suggest lower monthly payments and more plasticity,” Beepi’s Kyle Thibaut told NBC News. “You get a lot of savings and a fairly fresh vehicle.”
Why Right Now Might Be the Time to Buy or Lease a Used Car – NBC News
Why Right Now Might Be the Time to Buy or Lease a Used Car
by Herb Weisbaum
- Share
- Share
- Tweet
Good news for anyone looking for a used car or truck. These days you’ll find a larger selection of late-model vehicles on the lot — and in some cases, pay less than expected. You might even be able to lease a fairly low-mileage certified pre-owned vehicle.
“It’s a good time to buy a used car,” said Michelle Krebs, senior analyst with Autotrader. “We’re witnessing used car prices drop from what had been record highs because the supply is enlargening. The supply is up, so the prices are going down.”
And those prices may proceed to fall. In March, wholesale prices at used car auctions around the country were down 1.6 percent from the year before, according to the Manheim auction company.
- Embed
You’ll find some of the best deals right now on puny and midsize cars, Krebs told NBC News. These would include the Honda Civic, Ford Concentrate, Toyota Camry and Chevy Malibu.
On the flipside, you may get less for your trade-in, especially if it’s a puny car or mid-size sedan, Krebs said.
The popularity of leasing in the fresh car market is driving this flood of used vehicles. About thirty percent of all fresh cars are now leased, and most people don’t buy them at the end of the contract.
Jonathan Banks, executive analyst with the National Auto Dealers Association (NADA), told CNBC’s “Trading Nation” there will be 800,000 more lease comes back hitting the market this year than in 2015.
The NADA Used Car Guide predicts a five to six percent drop in used car prices this year, the very first significant price decline in eight years.
And it looks like the supply-demand curve will be out of balance for some time to come. TrueCar.com expects a ten percent increase in the supply of one- to five-year-old vehicles from now through 2018.
Used car sales strong
For millions of Americans, a used vehicle is the best — or sometimes only — option. Sales of pre-owned cars and trucks are going strong: thirty eight million sold last year, up Five.6 percent. The average price hit a record high of $Legitimate,600 last year, according to the two thousand fifteen Used Vehicle Report from Edmunds.com.
Edmunds.com analyst Ivan Drury told NBC News the price decline is not across the board. While the price of subcompact, compact and mid-sized cars is plane or down, prices are up for SUVs, crossovers and pickup trucks, which are very popular with today’s low gas costs
“If you’re looking for a car, up to five or six years old, you’re good. If you’re looking for a pickup truck or SUV, you’re going to pay a bit more regardless of the age range,” Drury said.
Would you like to lease that used vehicle?
With so many used vehicles to stir off the lot, some dealers and lenders are suggesting the leasing option for certified pre-owned (CPO) makes and models. CPO vehicles must meet certain age (typically no more than three or four model years) and mileage thresholds, and pass a dealer’s inspection program.
Ally Financial now offers its Pre-Owned SmartLease on fifteen brands and almost forty models. The program spinned out nationwide earlier this year following a successful pilot test.
BMW of North America, Toyota and Lexus also see certified leasing as a way to get more people into used vehicles.
“It’s not a 90-day program. It’s part of a long-term strategy,” Mike Wells, group vice president of sales, marketing and product for Toyota Financial Services, told Automotive News recently.
Beepi, a fresh online used-car buying service based in San Francisco and available in nine states, just added the lease option for 2013, two thousand fourteen and two thousand fifteen models. Mileage confinements are more generous than most fresh car leases, 15,000 rather than 12,000 miles.
“We can suggest lower monthly payments and more plasticity,” Beepi’s Kyle Thibaut told NBC News. “You get a lot of savings and a fairly fresh vehicle.”
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