Tag Archives: Long Island

Used Car Prices Going Down

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ID-100121023Car sales have been up.  There are a lot of reasons why this is happening.  One is that the average ages of vehicles are at the point where it’s cheaper to replace them rather than repair them.  Another, one that’s closer to heart here in New York, is because of Hurricane Sandy.  New Yorkers had their cars wrecked by the super-storm and were forced to get back in the market in the aftermath.  This influx of buyers caused the prices of used-vehicles to surge.  The used-car market has had a hard time keeping up in both inventory and by seeing the cost come close to that of a new car.  Not the best deal for someone looking to purchase pre-owned.  Thankfully, the higher cost is coming to an end.

Fi-magazine.com has the breakdown of why the analysts see a shift coming.  Before the beginning of the year, prices were already starting to go down, but Sandy broke that trend.  February showed that the market was finally getting away from that upswing, as the price for a used-vehicle was averaged at $9,752.  That figure is down 2.8 percent from the month of January.  The exception to the drop was the Mini SUV segment that went up 1.9 percent.

The sales figures for used vehicles remain strong as the year goes on.  The franchised dealers were up by 11.6% in February and the independent dealers were up 4.4%.

If you’ve been having cold feet about coming into Bayside Chrysler Jeep Dodge due to the recent news of increased used-car prices, there’s no need.  Now is the best time to come in and work with the dealership to leave in the vehicle that best suits your needs.  We love to say yes!  Follow us on Facebook and Twitter to see more news and special monthly offers.

Auto-Loans Market Healthy Despite Rise in Delinquencies

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ID-10056516Today, Experian released their analysis of the current automotive credit trends for the fourth quarter of 2012.  What they found was very interesting considering the upward state the industry has been in as of late.

For the first time in quite a while, there was a rise in delinquencies.  Being late by 60-days increased from the same quarter in 2011.  It rose from .72 to .74 in Q4 of 2012.  That kind of increase in loan delinquencies hasn’t occurred since 2009.

Still, Experian assures that it’s nothing to worry about.  “Overall, our Q4 analysis shows that the auto lending market is extremely health,” said Melinda Zabritski, Experian Automotive’s direct of automotive credit.  “Of course you never want to see an increase in delinquencies, but when you take a step back and look at the market compared to where it was three years ago, we still have remarkable stability.”

A way to look at this increase is due to more loans being issued.  When the finical crisis hit, banks reeled in their lending in fear of the market.  Now that things have finally rebounded for the better, banks have reopened that door and are letting people in.  There’s been a rapid increase in the amount of people asking for a receiving auto loans.  In fact, the market of auto-loans has been one of the fastest growing parts of consumer-finance recently.

Interested in getting an auto-loan for a vehicle?  Contact us at Bayside Chrysler Jeep Dodge and find out how we can help.  We love to say yes!  Browse our new and pre-owned inventory online.  Like us on Facebook and follow us on Twitter for more news and monthly offers.

2013 Looking Up for Auto Loans!

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ally_auto_NADA2013_infographics_612x792Dealers are incredibly optimistic about what 2013 is going to bring. More than 100 auto dealers were surveyed at the 2013 NADA convention that occurred over the weekend. What Ally Financial put together from all of the responses was that they are expecting this new year to be strong.

About 60% the surveyed dealerships believe that their sales will be growing by 10% or more this year. 54% believe that buyer confidence will provide a boost to sales. Sales will also be bolstered by the cars getting too old to drive, promotions, and a host of new models that will be on display in showrooms. Also, half of those surveyed also believe that with people getting their credit improved, this in turn will lead to them coming in and purchasing a vehicle.

The survey also showed optimism in used-car sales. 47% think, in fact, that it’ll be the most profitable segment in the year.

We’re definitely looking forward to an incredible year at Bayside Chrysler Jeep Dodge. If you’re in the Queens area and are needing help to get a car, we’re ready to help you. We love to say yes, so start the process by contacting us. Like us on Facebook and follow us on Twitter for more news and monthly deals.