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05-21-2013, 01:24 PM #1
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- Piermont,NY, back in Northern NJ now, But may be in IL soon....
Used Full-Sized Pickup Sales Climb
Used Full-Sized Pickup Sales Climb
By: Restyling News
Monday, May 20, 2013
Auction prices for full-sized pickups were up nearly 7 percent through the first four months of 2013, according to the National Automobile Dealers Association (NADA) Used Car Guide.
“The recovery of home values and increased residential construction, stabilizing gasoline prices and a decline in late-model supply have resulted in higher trade-in values for full-sized pickups,” said Jonathan Banks, executive automotive analyst for the NADA Used Car Guide.
The average trade-in value for a three-year-old Chevrolet Silverado 1500 crew cab LT 5.3-liter, two-wheel drive is up 8 percent from last year, according to the NADA Used Car Guide. The same trend can be seen across all brands of full-sized pickups, the association noted.
Supply and demand is a key contributor to the higher values for used, full-sized pickups. The price of full-sized pickups has increased 28 percent from 2007 to 2012, and the supply of full-sized picks that are eight-years-old and older declined by 17 percent from 2007 to 2012. The association predicts the supply will decline an additional 8 percent on an annual basis in 2013.
“The late-model, used supply of full-size pickups has yet to recover from the dramatic fall-off in new-vehicle sales caused by the economic recession,” Banks said.
He noted the continued slide in supply can be attributed to demand generated by a recovering housing market. New housing starts totaled 781,000 in 2012, and the National Association of Home Builders estimates that housing starts will jump to at least 1 million units in 2013. Home prices also are up 8.7 percent over the first two months of 2013, compared to the same period a year ago, according to the S&P/Case-Shiller 20-City Composite Home Price Index.
“The increase in home prices will continue to stoke demand for full-sized pickups, particularly those in configurations most frequently used in construction applications, such as lower-priced two-wheel drive, regular-cab trucks with V-6 engines,” Banks said.
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06-20-2013, 12:30 PM #2
I don't know anyone under 40-something that has bought a brand new vehicle of any kind.
they keep marketing to baby boomers and companies that have money to burn.
were a whole generation that will not be visiting dealerships... think about that.Gas was $1.83 when Obama took office.....
06-21-2013, 08:21 PM #3
Like all things economic for the past decade or so, prices are going up and salaries are going down, so yeah, pre-owned vehicles would be a growing market.Clint (TX) 2001 Silverado LS 4.8L auto 2wd ECSB [GARAGE]
Gasoline or gunpowder: If you ain't burning one, you ain't having fun!
NRA Endowment Member 5 24 48 88 - Hendrick Motorsports FTW!
06-22-2013, 06:00 PM #4
The pickup market is interesting, I'm one of those "baby Boomers", I won't buy a new one either, they priced me out - maybe I'm just a tightwad - sure don't want the payments. I have some under 30 something relations that are buying new vehicles, paying rediculous prices and the payments must be horrible. I see a lot of young people doing it somehow. Economy kinda slow, wages lower that they should be, I don't know how they are doing it. I spent over 30 years trying to save something for retirement and was one of the lucky few to get a company retirement too, but that cost me 25 years "in harness" to get. And now I still have to work, partly because I want to but also because I would have to be VERY frugal to live off my retirement. As for the light truck market, yes, we are dependant on the few who can buy a new one every 3 to 5 yrs, the companys & even the government that lease trucks. My last purchase was off of a short term co. lease.
06-22-2013, 08:56 PM #5
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- Grand Prairie, Texas
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As a car flipper I saw this trend the first 4 months of the year, then in late april early may prices started sliding down again as used truck supplies were still climbing and tax return money started running out. I see this spike every year, which is why I start buying used cars and trucks in nov/dec so I have a good supply in the middle of jan when tax return money starts hitting the bank. Economy be damned this trend has been happening for more years than I can count.
Wanna guess the next trend? How about aug/sept when lots of less than year old cars start showing at the auctio as repos from banks, yep those tax time buyers start realizing they cant afford that new car, some start showing as voluntary repos and the others get caught and snatched when the owners not paying attention. Either way they dont pay and the car ends up at auction. These trends have been going on for years and the economists writing articles seem to think its a new trend, maybe they should do a little back ground checking before writing their articles.
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