Skyrocketing Demand For Used Cars Unparalleled
Conover, NC – Lower supplies and the high price of gasoline is skyrocketing the demand for fuel efficient cars, including used vehicles. That demand for used cars means that if you want to get a new car, your trade-in may be worth thousands of dollars more than it was just a few years ago. “Nothing is more frustrating for car dealers than you standing on our lot ready to buy a car and spend money and then we don't have anything like the car you are looking for,” says Bruce Roffey of Village Motors in Conover NC. He notes that “Right now, for a number of reasons there is a shortage of quality used cars on the market, and we need cars bad!”
"Fewer and fewer people are trading in their vehicles, especially the fuel efficient cars. They're keeping those older cars and we need them," Roffey said. A lot of people are holding on to their used cars. Making them last a few more years, and fewer people are buying newer cars. Add to that the earthquake in Japan shutting down production lines for several major auto makers and their suppliers, the result is fewer of these newer, fuel-efficient vehicles on the market. Japanese automakers lost about 200,000 new car sales as a result of March’s devastating earthquake and tsunami,
"That goes full circle to what we were talking about, between the disastrous government run Cash for Clunkers spectacle and the terrible crisis in Japan, the lack of used car inventory right now is almost umparalleled," Roffey said. "What we're promoting for the next seven days is we'll offer up to $3500 over the appraised value for any vehicle on trade or not on trade. If someone doesn’t want to trade it, we'll certainly try to buy it outright from them," Roffey said. Dealers say they are looking for late model fuel efficient cars, but even used SUVs like the GMC Envoy, Ford Explorers, and Toyota 4Runners have seen a 20 percent increase in their value since the beginning of this year. “And trucks are a really great buy right now,” added Roffey.
“We are just coming off one of the best 1st quarter sales periods ever, so we are fortunate to have had the forsight to have been buying heavily in anticipation of these circumstances, but supplies are as tight as I’ve ever seen, and I’ve seen alot,” laughed Roffey.
About the Author: Bruce has spent the past 20+ years trying to change the landscape of the car business and the bruised reputation of car salespeople all over the country. He is also the author of "Eight Keys to a Better Car Deal" . His latest crazy idea, “The Celebrity Academy” headquarted in Charlotte, NC is scheduled to open this summer coinciding with the release of “You are The Brand, Stupid” a book he is co-authoring with his friend and business partner Tracy Myers.
