The cost of buying a used car in Las Vegas, Nevada is up 35% from last year at this time.
Thanks to CASH for CLUNKERS-JUNKERS, and the slow recovery, more owners have stayed in their cars an average 24 mos. longer than expected. This has resulted in new meaning to the catch phrase: CASH FOR JUNKERS.
Today used cars in mediocre to poor condition are demanding prices deemed “absurd” by most people familiar with automotive industry. Customers shopping CRAIG’S LIST regularly find older Honda Civic and Toyota Corolla models with 150,000+ miles listed for over $2000.00
Local Las Vegas used car dealers are finding trade-ins appearing with over 100k miles on a regular basis, and trade-in equity is at the top of the NADA and KELLEY BLUE BOOK when the car loan and auto finance banks look at the debt to equity ratio on the new car loan.
“We are being extremely pro-active in giving top trade-in value to our customers,” says Jim Mooradian, General Manager of Gaudin Motor Company, a purveyor of Jaguar, Porsche, Fisker and pre-owned cars, “our clients bring us low mileage, garaged cars that are often extra’s they no longer need. It is typical of these trade-ins to have detailed service records and be in immaculate condition, which helps us step-up and give them more cash value.”
Approximately 12% of the used cars currently listed on Autotrader.com, Cars.com, Carsforsale.com and Craig’s List had below 15,000 miles per year, considered average use.
Mooradian added, “We have buyers from all over the country fly into Las Vegas to pick-up used cars deals because compared to the condition and miles of similar vehicles thousands of miles away, our are priced fairly and many include certified warranties with low interest rate financing for used cars, which is unusual in this economic market.”
A recent report on Las Vegas television sighted numerous dealerships advertising they will buy a used car directly from an owner, with or without clear title. This is in an effort to boost inventories as summer selling season begins and new car production can not meet demand.
However, insiders point to used car prices hitting the ceiling of valuation in the eyes of the consumer and the bank making the loan. The shift-point could come as early as September when 2012 models arrive en-mass, however, until then, shopping for the perfect used car means doing your due diligence to be sure you are getting as much bang for your buck as possible.
If you have a question about the value of your used car, if this is a good time to trade or not, MyCarlady offers free car buying advice. Email firstname.lastname@example.org with your question.
Sarah Lee is an automotive writer, personal car concierge and commercial fleet manager. If you need free advice on your car problem, question, issue, contact her at email@example.com for a confidential conversation.
She has over 22+ years of experience. She writes about Cars, and is a staunch consumer advocate on car related subjects.
MyCarlady offers private, auto-related services to help you maintain your personal or commercial vehicles. Call Sarah Lee for more information: 702-521-7546