After an extreme economy downfall that we saw in the United States, there were a lot of drawbacks for car markets because it was becoming harder to afford a vehicle. Well, now that the economy is on the rise, the used car market is expected to increase in 2014.
“With the U.S. economy improving while dealers and banks are writing auto loans to a wider array of buyers, used vehicles sales from franchised dealers will reach their highest level since 2005,” said Phillip LeBeau, CNBC Auto and Airline Reporter.
Because more customers are now able to receive the loans they need for a vehicle purchase, more vehicles are being driven off of lots. In 2013, 15.6 million used vehicles were sold, and that number is expected to reach about 16 million or more.
Along with a better economy, it is predicted that the price of vehicles on the used car market will decrease as well. With current prices ranging in the mid-teens, there can hope to be a decrease to the lower-teens or even into single digit prices, for some vehicles.
So this year make a resolution to come by and get a used car, truck, or SUV from Bates Nissan. It will be worth the stop!