Weird. A Chevy Impala from 2008 with 45,000 miles on it cost $13,101, on average, in April of 2009. One year later, that same car—2008 model, 45,000 miles—is running an average of $13,460.
This info comes from Cars.com, by way of a New York Post story. What gives? Why wouldn’t prices on such a vehicle decline, or at least hold steady? Apparently, everything from the recession-related disappearance of leasing to the recent earthquake and tsunami in Japan have played a role in rising used car prices. The Post quotes Cars.com senior analyst Joe Wiesenfelder’s thoughts on the matter:
“The economy went to hell, so consumers curtailed their buying. Less buying equals fewer trade-ins; and lower confidence drove consumers who might have considered only a new car before the crash into the used market.”
Throughout this strange period in the car market, because of financing deals and other incentives offered by dealers and manufacturers, we’ve even seen that it’s occasionally cheaper to buy a new car, compared to a used vehicle with limited mileage on it.
MORE:
Paying More for a Less Reliable Car: Many Used Cars Have Fewer Problems
With Strategy and Good Timing, Your Car Is Almost Free
