As the economy continuing to gain strength, low-mileage pickup trucks have been among the strongest performers, commanding high price at auction due to their short supply. Most are work trucks, needed by construction and other workers who need them.
“These trucks are doing really, really well” in the used market, says KBB’s Gutierrez.
SUV sales are also strong and, by contrast, low gas prices are turning midsize and small sedans into relative bargains.
Just as some dealer are having to apply discounts to some new cars to move them off the lot, the savings are cascading into the used market. And the price softness has been driven not only by gas, but by more competition as well.
Certified used car unit sales are up 10% for the first 10 months of the year compared to last year, says Tom Webb, chief economist for Manheim, a wholesale auction house for used cars. There have been record sales of them in each of the last three years and, he says, the trend is almost assuredly going to continue for 2014.
“The programs have been marketed well,” Webb says. “What people are buying is piece of mind.”
Overall, through the first 11 months of the year, the number of used cars sold is virtually unchanged from the same period a year ago, CNW says, which makes activity on certified used cars all the more impressive.
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