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2011: The year of the used car

Posted on Friday, January 13, 2012 at 9:02:20 AM

Americans bought nearly 39 million used cars in 2011, according to That's more than three times the number of used cars, trucks and crossovers sold in 2010 - resulting in a surge of used car financing amongst those consumers who typically buy new.

The previous years economic uncertainty led to more consumer-to-consumer sales, small dealership and mechanic buys. Used car sales totaled 38,792.169 vehicles for all of 2011, according to CNW research reported by MSNBC. That is up 5.2 percent from the prior year.

"We saw a lot of people whose existing cars were just tired so, after two years of pent-up demand, that finally led to a surge of used car sales last year, and especially in November and December,” CNW chief Art Spinella told The Detroit Bureau.

All of this consumer demand for used vehicles resulted in a significant up-tick in dealerships advertising efforts as far as used vehicle sales are concerned. Additionally, the results boosted used car financing options for consumers with good credit and money to put down. The auto industry is waiting with abated breath to see how the market goes for 2012.