Used Car Market Expected to Boom in 2014, Experts Say
Last year was a pretty good one for used car salesmen across the country, but 2014 promises to be even better, according to industry experts.
Manheim Consulting is an agency that specializes in tracking the used car market, and their most recent data shows that demand for used cars remains strong, which could make 2014 a record year when combined with other favorable factors, including relatively low interest rates, an improving economy, and a heightened availability of credit.
“Last year, franchised dealers sold 15.6 million used vehicles,” said Tom Webb, Chief Economist with Manheim Consulting, in an interview with CNBC. “I think it’s reasonable to expect 16 million in sales this year.”
The increase of manufacturers offering certified pre-owned vehicles that are subject to rigorous standards has also made buyers more comfortable with purchasing used vehicles.
“Certified pre-owned has really taken off. Consumers flock to these models,” Webb added. “People are comfortable with the guarantee. In fact, some people who used to be new car buyers are now certified pre-owned buyers,”
Will you be purchasing a used car in 2014? Let us know why or why not in the comments below.