More people selling, fewer turning to trade-ins
By: ARLENA SAWYERS
With the industrywide shortage of used cars and trucks and the sky-high price tags attached to those that are available, dealers more than ever before depend on trade-ins to help stock their used-car inventories.
So FYI:
Fewer people are trading in their vehicles when they buy a new car or truck and instead are opting to sell the vehicles themselves, according to Kelley Blue Book.
A Kelley study conducted in the third quarter of 2009 found that 64 percent of consumers plan to trade in their old vehicles while 13 percent planned to sell the vehicles themselves.
By the second quarter of 2010, the percentage of car buyers who planned to trade in their vehicle dropped to 56 percent and those who planned to sell their vehicle privately increased to 21 percent.
Kelley says people are trying to get more money for their old vehicles and are willing to go through the hassle of selling it themselves.
Just thought I'd pass it along.
You can reach Arlena Sawyers at asawyers@crain.com.
