Market forces can make for good deals on cars
Many of us have already forgotten about the auto industry’s struggles in 2009, but you may feel the effects when it’s time to trade cars.
Brands like Plymouth, Pontiac, Oldsmobile and Saturn disappeared in the turmoil, and some 700,000 used cars were destroyed through the government’s Cash for Clunkers program.
Not many cars were sold that year, and in the next few years, automobile leases became increasingly popular.
The odd combination of the classic market forces of supply and demand can be good news for car buyers ready to upgrade.
You may find that your 8- to 15-year-old car with 150,000 miles is worth more than you’d expect as a trade-in.
And, you may find more good deals in newer used cars because of all those cars coming off lease. Coupled with interest rates that are low by historical standards, and it may be a good time to upgrade your vehicle.