Luxury used car prices are higher due to supply and demand
ALBANY, GA -- Economists say that due to the public’s lack of confidence in the economy many people are buying used cars instead of new cars.
One particular group of vehicles has seen a sharp increase in price – luxury used vehicles.
Car research website www.edmunds.com says because the demand for luxury used cars is up and the supply is limited, the prices have risen. The top five luxury cars with increasing price tags are as follows: Cadillac Escalade, Chevrolet Suburban, Dodge Grand Caravan, BMW X5, and the Acura MDX.
In July 2009 the average price for a three year old used vehicle was $17,448. In July 2010 the average price jumped 10.3% to $19,248.
Action Motors in Albany says there is a niche market of people shopping for luxury used cars because they get all the perks of the luxury automobile without the new sticker price.
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