Tag Archives: Manhattan

Used Car Prices Going Down

Posted on by
Reply

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 Surge As Market Recovers

Posted on by
Reply

ID-100130602What a difference four years can make.  Not that long ago, with the economy in the gutter due to the recent collapse, car buyers were unable to find banks to fund them the money needed to purchase.  Since then, the economy has bounced back and so has the lending.  What was a mere fantasy years ago is now a better reality with interest rates that are finally returning to where they were before the recession.

Bloomberg writes that lenders are very optimistic about the year to come.  In February, the U.S. light-vehicle sales had an up-tick of 3.7 percent.  “The availability of consumer credit is plentiful, “says Kurt McNeil, the VP of US sales operation for GM.

Low interest rates and the availability of credit are the biggest reasons that the US auto sales have gotten a boost.  It rose 13 percent just last year which marks that as the largest annual increase since 1984.  Another reason is that employment has increased, which has caused dealers to increase their leasing, knowing that buyers will be better on paying off loans.

The market is recovering and car buyers are finding the necessary loans readily available.  Interest rates are low and are coming down to the point of where they were before the recession took its toll.  All around the nation, banks and lenders are doing their best to grab attention to let buyers know that dealerships are open for business in the best way.

That includes Bayside Chrysler Jeep Dodge.  Serving the Queens, Bronx, Manhattan, and Long Island Area with quality customer care and experts that work diligently to get car buyers the loans they need.  We love to say yes.  Like us on Facebook and follow us on Twitter for tips on purchasing a vehicle and for special monthly offers.