A new poll analyzed by AdWeek finds that drivers are using their vehicles less, but those looking for an affordable deal are now considering used cars in New Jersey and other states.
Roughly half of the respondents who talked to Harris Interactive said their next car would likely be pre-owned, a 6 percent uptick since April. It reflects buyers’ belief that there is still a price differential between new cars and used cars in New Jersey.
“It’s nice, it’s got the power-fold seats, the automatic lift gate. It’s pretty much fully loaded,” Samuel Varner told SCNow.com, adding that the used Lincoln Navigator was more cost effective than newer models. Dealers are saying that buyers like Varner are being enticed by higher values for trade-ins because of a decrease in the supply of the vehicles.
The purchases of used cars are remaining steady in spite of the supply decline caused by Cash for Clunkers, and even a slight uptick in prices to compensate for the smaller number, added the news provider. Those prices could rise for buyers who wait, however, according to some industry experts.