Saturday, October 08, 2011

What The? Used Cars Increase in Value

VA has a tax on the value of the car(s) you own (don't get me started on it) which means they have to determine the car's value each year, for which they use some standard NADA manual.   The Herndon Patch just has a post forwarding info from Fairfax County--15,000 cars increased in value over last year.

???  I guess it must be times are so tight that people are bidding up the value of used cars rather than buy new?    Strange times.

5 comments:

Anonymous said...

I heard somewhere, but never verified, that due to the natural disasters, tornado's in April, etc., that used cars did increase in value due to smaller inventory nationwide. I imagine new car inventory contracted due to the tsunami in Japan.

Bill Harshaw said...

Makes sense. If the tsunami interrupted Toyota and Honda's production, and hence sales, there'd be fewer used ones coming on the market.

Used Cars Anaheim said...

It's really not that strange. For one, people are holding on to their cars longer. And second, consumers are more interested in buying a used car over a new one, especially efficient used cars like hybrids are really popular. The economy plays a big part and right now demand for used cars is bigger than the supply available.

Bill Harshaw said...

"not that strange". I suspect that means you've adjusted faster to the Great Recession than I have--i.e., it's the logical outcome of the Recession. (Just as a reduction in carbon dioxide emissions is also a logical outcome.)

Michika Atieno said...

I still recommend to buy brand news cars, but if you have limited budget then go buy used cars japan and see the difference - Japanese cars are one of the reliable cars in the world.