AUTOMOTIVE INSIGHT: The Certified Used Car Market is Booming
February 25th, 2008 at 5:00pm
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What’s the fastest growing segment in the car market? No, it’s not hybrids, or small cars, or crossovers. In fact, it has nothing to do with new cars.
The used car market in America is growing every single year. And when you bore down into the numbers, it turns out that certified used vehicles are the fastest growing segment in the industry.
These are fairly new used cars that automakers certify with intensive inspections. They come with a factory warranty and you can even finance them just like buying a new car.
People seem to love these things, because sales of certified used cars are up 137 percent since 2001. And interestingly, this is a segment that General Motors dominates, handily outselling Toyota, Honda, Ford and Chrysler.
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Comments (1)
March 3rd, 2008 at 1:51 am
I’ve always said, if buying a used car, buy American, if buying new, buy foreign.
I bought a used one year old 2003 Chrysler 300M Special with $34K sticker for $18K. If I wanted to buy a Lexus 350, I would not save much by buying a one year old Lexus.
With the reliability of cars increasing, it makes economic sense to consider used cars–especially American cars.