The automotive industry was hardest hit by the economic recession and the pre-owned automobile segment has been no exception. Lower sales in 2009, because of the recession and also the bankruptcies of GM and Chrysler impacted each of the players within the automobile industry. Considerable adjustments to new automobile production levels plainly decreased inventory levels and customers feeling the pinch had been hesitant to purchase cars. As we move forward and begin to find out signs of improvement with regards to the economy specific Trends inside the Pre-Owned Automobile Industry can offer insights into future activity.
A single trend that is definitely evident is shifting consumer attitudes in response to increasing gas costs. In accordance with a current study, more than 50 per cent of vehicle shoppers are far more most likely to consider a a lot more fuel-efficient car than the one particular they presently personal because of rising fuel rates. Gas costs have been creeping up for many months as a consequence with the financial recovery, which has designed extra demand.
Another trend that has been building lately is a slight rise in used-car rates. The typical pre-owned automobile transaction value is at $19,345 at the moment, versus … Read More