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Why Are Used Automobiles So Difficult To Find?

May 12, 2015

The US automobile industry has been on the rise since its inception. In fact, people love to have their own transport at their disposal whenever they need it. For some, it is the about the love of automobiles, while for others, the sheer ease in traveling acts as a core driver. Either way, it is fair to say that the automotive industry in the United States has been blooming.

However, it hasn’t always been the case. A recent dip in the supply of used automobiles has raised a mindboggling thought: If the unit sale of the industry is now on the uphill, why is the supply of used automobiles failing to meet the excessive demands for it? According to several experts, there is a one-word explanation for the anomaly: The recession.

The Impact

As the recession hit, a lot of people found themselves at a position where they couldn’t afford owning a car. This resulted in them selling their cars and resorting to public transport. While some have recovered well, others are still struggling.

The Economy

You cannot blame the economy as the core driver of lessened activity in the used automobile segment. If that was the case, sales figures of new vehicles would have bounced back by now. They haven’t! As the recession ended, people started leasing cars again. But this was in 2013-2014. There had been a huge gap between 2008 and 2013, where the sales of new automobiles plummeted.

In other words, if you go out looking for used cars in the mid-range level, especially those that rolled out between 2008 and 2013, you are likely to end up wasting time. This is simply because those years didn’t sell many new cars.

The Rising Trend

The car-purchasing behavior is now changing. Since people have now been leasing cars for the past couple of years, the used car market is on the verge of a rise. Hype has recently been created in the 2016-17 period. Experts believe that this trend is very likely to rise in the coming years.

A Different Angle

There is another aspect to the slow used-car market. It is that as some people resorted to alternatives for an automobile after the recession, and have become fond of it. Not as many have come back and leased an automobile for their personal use.

Furthermore, even those, who were paying off their lease as the recession hit were, quite obviously, in no position to continue. This deteriorated their credit scores which further impeded them from leasing another vehicle.

This is a simple and brief explanation as to why certain model ranges in the used-car market are quite difficult to get your hands on.

 

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Sources

http://jalopnik.com/cheap-used-cars-are-hard-to-find-because-so-few-new-car-1793577539?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+jalopnik%2Ffull+%28Jalopnik%29

https://www.forbes.com/sites/michelinemaynard/2014/04/17/how-the-recession-changed-americas-car-buying-attitudes/#69468ec46317

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