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Price gap between new and used cars decreases

Posted on Friday, August 10, 2012 at 4:04:02 PM

Recent figures show the price gap between new and used vehicles is shrinking. According to auto-expert Kelley Blue Book, the average 1-year-old used car is only selling for 11.5 percent less than a new vehicle, the Detroit Free Press reports.

Used-car prices have risen in the past few years as the recession lead the average American to retain his or her car longer or put off buying a new one.

According to auto experts, the narrow gap between new and used vehicle prices won’t last long. As the economy continues its upward trend, used-car prices will decrease to meet new demand. This will help those looking for an older-than-average vehicle, or a car that is 10 years old or more.

Those in the market for a used car may want to consider checking out auto financing options from Home Loan Investment Bank. The affordable rates could help an individual purchase the car of his or her dreams or the necessary family vehicle.ADNFCR-16001052-ID-800839276-ADNFCR