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News Release: Vehicle Trade-in Values at All Time High
June 03, 2011
News Release: Vehicle Trade-in Values at All Time High
FOR IMMEDIATE RELEASE
MEDIA CONTACT:
Sara Panza
Greater Cleveland Automobile Dealers’ Association
440.746.1500
Vehicle trade-in values at all time high
Cleveland, OH (June 3, 2011)-- Trade-in values for used vehicles have reached an all time high this month, thanks to a combination of factors that all came together at the same time to create a unique opportunity for consumers. Used car prices are currently the highest they have been in at least 16 years.
“Right now, good used vehicles are in very strong demand,” says Louis A. Vitantonio, President of the Greater Cleveland Automobile Dealers’ Association. “That helps the consumer in a number of ways. First, they can expect to get a lot more for their trade-in, especially if it’s a low mileage, late model used vehicle that has been well maintained. Secondly, the rising value of used vehicles has also pushed up the residual value of new vehicles, leading to lower monthly lease payments in the market right now.”
Dealers across Northeast Ohio are reporting that some used vehicles are worth from $1,000 to $1,500 more than they were just a few months ago. The National Automobile Dealers Association’s NADA Used Car Guide, an authoritative book used by many dealers to help establish trade-in values, has raised its average suggested prices for used small cars by 18 percent through the first six months of 2011.
Several factors have all come together to create this once-in-a-lifetime opportunity. The recession of 2008/2009 saw a dramatic dip in new vehicle sales, so there are simply not as many late-model, low mileage used vehicles on the market today. At the same time, the average age of a used car on the road is now 10.6 years old, compared with 9.8 years old in just 2007. That means more people are in the market for a vehicle today, whether they are buying a new or used vehicle. In addition, the Cash for Clunkers program, while getting a lot of less fuel-efficient vehicles off the road, also resulted in fewer used cars in the marketplace.
“It’s really just the basic law of economics,” Vitantonio adds. “Stronger demand, coupled with tighter supplies, means a better value for your trade-in. Consumers who are considering the purchase of a new vehicle this year would be well advised to take advantage of the situation. It really is a great time to buy.”
About the GCADA
The Greater Cleveland Automobile Dealers' Association (GCADA) has served the retail-automobile industry and community with integrity and distinction since 1903. Today, located in Brecksville, Ohio, GCADA represents 240 franchised motor vehicle dealers, which includes new-car, truck, motorcycle and RV dealers in a 21-county region of northern Ohio along the Lake Erie shore and beyond. More information on the GCADA can be found at www.gcada.org.
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