The faltering economy is still struggling to regain good footing. Getting a loan is tough. Consumers’ decisions are guided by practice and affordability. So is this good for the used car market? You bet. The problem is it’s not for all vehicles. So if you want to find used cars for sale in NC it may be a little more tricky than you might expect.
Over the last nine months has been almost impossible to fairly decent used car in NC.
Throughout North Carolina, many car dealerships and auctions say they are running into the same problem. And even if you can find a used car or truck, especially one to two years, vehicles with low mileage, you’ll end up paying a higher price.
Part of the problem is that fewer are people buying new cars and trucks. 10 million new cars were sold nationwide in 2009, up 21 percent since 2008.
The increased demand meant the market for used cars fared better, with sales falling 3 percent in 2009 to $ 35 million, compared to 2008. But fewer sales of new cars means less money. And when you can not get listed, most distributors are turning to auctions to bid on cars.
Participation in its auctions is up 20 percent in recent months to around 240 each week. Because of depleted stocks about 300 cars per week, are being auctioned approximately 50 units per year.
The car shortage meant that in January, the auction sold about 4,600 cars, compared to the 5,500 a month it typically sells.
When auctions do find cars they have absolutely no problem selling them in this economy, especially this time of the year when people are getting rebate checks from their taxes. The demand side of the used car business is doing just fine, it’s the supply side that’s been hurting.