Financing for used vehicles approaching the level for new vehicle

A story in today’s Automotive Digest hints that the sums a consumer must finance to purchase a used car is approaching the cost of financing a new car.  Click here to see the story, which originated at SubPrime Auto Finance News.

Implications:  The cash for clunkers program took a lot of used vehicles out of the market during the Great Recession.  At the same time, folks seeking to sneak by with spending less for a vehicle also placed strong demand on used vehicle inventories across the U.S.  It seems that these and other market forces have colluded to make it more expensive to buy a used vehicle, a thought that could drive more buyers to the “new” side of the lot.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.