Used cars in high demand

KUSA - Denver auto dealers say the new car business is phenomenal right now, with sales of new models growing at the fastest pace in eight years in June.

However, used car inventories are at historic lows, a situation that one dealer says may never correct itself.

."If you have a good clean used car, low miles and kept well, 2 to 3 years old, it's worth a phenomenal amount," said Kent Stevinson.

In fact, dealers are actively trying to buy used cars from their customers.

"We'll send notices out. We'll send emails out, that if you're thinking about trying to trade, or even sell outright," said Stevinson.

Part of the reason is that cars are made better. We all drive them much longer than we used to, on an average 11 and a half years.

"You know what I tell our dealers is when the next new car they sell-they're selling the car for life. Consider the customer is going to keep it for life--because often times they do," said Tim Jackson with the Colorado Automobile Dealers Association.

Another reason for short supply is that during the financial crisis, financing was hard to come by. Consumers bought less than 10 million new cars.

(KUSA-TV © 2014 Multimedia Holdings Corporation)


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