Hot fun in the summertime.
It鈥檚 what car shoppers can expect, whether they鈥檙e looking for new or used cars, according to Edmunds鈥� first-quarter Used Vehicle Market report.
鈥淏oth sides [of the business] are feeling the pressure of increasing inventories, so buyers are in a strong position to take advantage of real pricing and model availability,鈥� according to Ivan Drury, Edmunds senior analyst, in explaining the automotive information company鈥檚聽 quarterly report.
On the new-car side, vehicle sales so far this year haven鈥檛 matched expectations, which means a buildup of inventory, and significant incentives from automakers.
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On the used side, consumers have the upper hand because of the popularity of leasing in recent years.
鈥淎n ever-growing glut of vehicles coming off lease means shoppers who want a car between three and four years old will have a huge selection from which to choose,鈥� Edmunds said, with the expectation of 鈥渁 buyer鈥檚 market on the near-new side for years to come.鈥�
Nearly three more years to be precise, based on the Edmunds quarterly report.
鈥淲hat this means for consumers is that it鈥檚 a great time to weigh your options between buying a new or near-new used vehicle,鈥� said Drury.
Vehicles in the three-, four- and five-year-old range may be in the pricing sweet spot, because they are depreciating at a much slower rate than when new, while still not in the six-years-and-older range, which are in great demand 鈥渁s used-car shoppers seek more affordable options.鈥�
The average age of a retail used vehicle sold in the first quarter was 4.4 years, according to Edmunds.
While these vehicles may not have the very latest environmental, safety and other technology, and they aren鈥檛 eligible for rebates and discounts often available on new cars, they fit the needs of many shoppers. Most vehicles sold in the U.S. are pre-owned 鈥� 38.5 million last year versus 17.5 million new. About 30 percent of those pre-owned vehicles are sold by franchised dealerships.
So, shoppers looking for hot fun in the summertime, just may find it in a near-new used car this year.
