Kelly Used Car Prices

Q.Is it me or what's happening to the used car market in the US? We recently went new car shopping and were shocked at what's being offered for tradeins. It's not like we were looking for Kelly Blue Book trade-in rates, but jeez, almost every tradein offer was at least 30% below KBB values for a card in GOOD condition at the trade-in, not retail value (and our car is only 1 1/2 years old and in EXCELLENT condition). Is it this 0% financing on new cars that's flooded the used car market?

A.Does the word ZERO, like in ZERO percent financing on new cars sound familiar? Dealers are becoming loaded with used cars. If you are a used car BUYER fine, but if you are selling, not so fine. Another problem right now in the used car market is, lease returns from leasing companies and banks. Over the past several years banks and leasing companies were setting extraordinary high residuals so they could compete with the manufactures on leases. They got burned! Big banks like Bank of America are getting out of the leasing business and dumping their returned leased vehicle on the wholesale market, depressing prices among the used car wholesale buyers, which is driving down retail prices. That is where the dealership could normally dump their excess inventory. Now they will have to sit until spring to sell much of the trades they are taking. They are trading based on the value in four to six months. Japanese used car prices in particular are way down. Among the wholesalers domestic and Japanese wholesale prices are generally not that far apart however the retail spread was usually higher for Japanese cars because used car salesmen took advantage of their perceived quality advantage among used car buyers. Not today, a buyer can buy any of a dozen new cars, interest free, for the same price or less of a used Toyota. Toyotas are being discounted big time as well. In the future remember, from a net cost outlook, it is always best to buy new models when they first hit the showroom. It is always best to jump on a rebate when it starts.

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