We’re back baby! The financial nightmare is over for March used-car sales topped three million for the first time since March 2002.
About 3.7 million used cars were sold in America in the month, a hefty 37 percent jump from the 2.7 million sold in March of last year, and a 19 percent increase from the 3.1 million moved in March 2002, according the CNW Research. Of the total sold in March, 960,804 were sold by private parties, 959,931 by independent dealers, and 1.08 million by franchised dealers.
Part of the reason for the increase in used-car sales is probably the lowering of prices. In the past 12 months, the average price of a used car sold by a private individual dropped from $7,473 to $6,939, by independent dealers from $7,188 to $6,765, and from franchised stores from $12,789 to $12,715.