Well, folks, apparently it’s continuing on. The problem we reported on earlier with Cash For Clunkers having the unintended consequence of drying up the used car market is getting worse.
Used cars in general are getting more scarce, and those that remain are going up in price despite the overall weakness of the economy. But, in a bit of good news, this also means that your used car is worth more in trade if you’re looking to trade your car in for a newer model.
Car dealers express it best this way:
“Most of our sales, maybe 90 percent of it, is in the 5-year-old and older cars,” he said. “You ask me how many of those we didn’t sell – every one of those in a Cash for Clunkers deal, whatever that number is.”
Supply and demand comes back to haunt us all.
Tags: Cash for Clunkers, down economy, economy, used car, used car market
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