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Used car prices are higher than they have been for quite a while. In fact, the prices of used vehicles are actually driving inflation. This means that the United States has seen the prices rise for these pre-owned vehicles and drive overall prices up. The scope of rising costs is defined loosely by the term inflation. The US Bureau of Labor Statistics has stated that the overall inflation grew 0.2% in one month alone, from August to September 2020. This news is striking when considering that the only reason the spike of inflation occurred is because of used car prices soaring. The US Bureau of Labor Statistics has said the change in US prices for the average used car is 14% higher than January 2017. The growth of higher prices is staggering.
Exactly How Much Money Comes With Used Car Sales?
Consider that in August 2020, used cars saw their collective total generate 12 billion dollars, which is $1.6 billion higher than the same time in 2019. Many reasons can be attributed to the rise in the cost of used cars. COVID-19 is front and center in the reasoning as many people are looking for a cheaper way to commute to work. Leasing and buying a new vehicle can be costly, so drivers have tapped into the used car market. Because of this open secret, those with used vehicles are rising prices. A vehicle that is ten years old might sell higher today than it would have a year ago. Many predict the cost of used vehicles will continue to rise into the future.
Deciding Between Pre-owned and New Vehicles
So, what does this mean for the average consumer? Buying a new car is a better option than going with an older vehicle. The average price of a used vehicle is now upwards of $15,000. That is quite a lot for a vehicle that has been driven by a previous owner, or perhaps two or three or more owners. Another problem that many customers are having is the thought of the cleanliness of a vehicle. Certainly, a used vehicle is not as clean as a new one. Data from eBay Motors survey data confirms consumers want to drive a vehicle that is disinfected entirely.
In these uncertain times, hygiene and sanitization is the new norm and an accepted reality of the new norm – it’s becoming table stakes and if retailers don’t show customers they have high standards then they may not have the confidence to buy," said Marc Robinson of eBay Motors.
The Differences Between Them and Us
The good news for us at NowCar is we are not a traditional dealership. We don't have customers going in or out of our vehicles to decide on. Our vehicles stay new until they come to your doorstep. We have been able to maintain our business and we offer only new vehicles precisely because we know the value of driving one. The idea behind driving a used vehicle makes sense only until it doesn't when the vehicle breaks down or needs costly repairs. The perks of driving new are more evident as the expense of getting a used one is so high today. To begin shopping for the right vehicle that fits any budget, we can supply the right vehicle from our wide selection.
Find the Vehicle You’ve Always Wanted With NowCar
For those customers searching for a new vehicle, but haven’t found it in person, NowCar is the place for you. Can’t find the right specifications you were hoping to discover at the local dealership? That’s where NowCar can help. For those looking for a rewarding, hassle-free experience, that’s exactly how NowCar excels over traditional car dealerships. Let us be your total vehicle guide for anything you’re hoping to drive. You are not limited to a simple inventory lot at one location as we can assist you along the way to gain the vehicle you’ve always wanted.
We hope you talk to us on social media and let us know what you think about the upcoming merger or any of the FCA vehicles we sell. For any needs you currently have about buying your new vehicle, we can help at NowCar. Simply visit our website to search and build what vehicle you want directly from the comfort of your computer, phone, or tablet. It’s never been easier to buy a new vehicle than today, with NowCar!