As COVID-19 continues to affect the economy, the car business continues to move right along.
However, with the way the economy is and with more people struggling financially than normal, used cars are being looked at more so now than ever before.
The first sign of the used-car boom came early summer in May and June, which aligns with the end of the first wave of stay-at-home orders that caused the economy to plummet.
In May and June, auto dealers sold 2.1 million used vehicles, nine percent more than they did in those same two months in 2019.
There are multiple reasons for this jump in used car sells, and they all have to do with COVID.
On the demand side, there’s an increasing concern from people about getting onto public transportation or riding in an Uber and being in close contact with strangers. Because of this, more and more people have been looking at less costly used cars so that they can avoid close contact with individuals they do not know.
Another reason for the uptick in used car sales, has been due to the fact that new-car production was stopped or slowed earlier in the year as automakers tried to figure out how to build them safely or, in some cases, the automakers shifted production to medical equipment, such as producing ventilators.
The biggest reason that used car sales are up while new car sales are lower though has to do with the future outlook for many customers; lots of folks may be facing a drop in income due to job loss or work cutbacks.
Because of this, people are just looking for an affordable.
Surprisingly, one place that is selling lots of used cars is dealer auctions. With the auctions being held online now, people can easily get a used-car through these without leaving their couch. This way of buying cars has become a safe option.
Because of the increase in demand for used cars, those who are wishing to sell their cars are not having to wait long.
Also, if you are selling a used car, you are most likely making more money than you would normally selling it. Because the demand is up, prices of used cars have shot up.
Despite all of this, new cars are still doing well. After flattening out during the majority of the summer, car sales have ticked upward in recent months, with some brands even seeing their sales increase over last year’s numbers at this point.
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They’ve got the superior Ford lineup of vehicles for you to choose from, and plenty of top-of-the-line, quality pre-owned vehicles.
They work hard to ensure their used cars measure up to their stringent standards before they ever offer them to you.
So, when the time is right to buy, buy from the no-hassle, no-haggle dealership for the best deal possible. Rusty Wallace Ford is located just off I-40 at Exit 417.
They’ll work hard for you so you can Drive Home Happy! Call 865-940-1590 or visit them online today!
-Sponsored by Rusty Wallace Ford