3 Reasons Why Used Car Sales are Expected to Explode in 2018
If you have been considering purchasing a used car to start the year, you're certainly not alone. Used car sales are expected to grow exponentially in 2018, blowing 2017 out of the water!
At PA Auto Credit, we do more than just help people with bad credit who are seeking a car loan in Philadelphia, PA. We also provide them with the knowledge that they need to start the year off right.
Read on to learn three reasons why experts agree that 2018 is going to be an excellent year for used car sales.
● Tax cuts will encourage used car sales. The new tax, cut signed on Dec. 22, doubles the standard deduction for families who are most likely to purchase a used car. The average income for a family who purchases a used vehicle is about $70,000, and experts anticipate that used car sales will spike following the implementation of the deduction.
● As new car prices rise, more will turn to used cars. The average American is not able to keep up with the rising prices of new cars. The average price of a new car is about $26,830, while the average price of a used car is $18,691, according to research by Edmunds.com. This is a difference of nearly $8,000. With budgets tightening every day, more and more consumers will choose to go with a used vehicle in 2018.
● Smarter consumers will save money with used cars. Consumers have never been smarter with their money as information becomes more and more available. It's now commonly known that when you drive a new car off the lot, it automatically loses about a third of its value. As consumers get smarter and look to save money and invest smarter, more will turn to used cars in the coming year. In fact, NADA forecasts that new-car dealerships will retail 15.3 million used vehicles in 2018, nearly 200,000 more than the previous year.
From a lower initial investment to lower depreciation, there are tons of reasons to choose a used vehicle in 2018. If you're looking to get into a new-to-you ride yourself this year, let PA Auto Credit help you get the financing you need to start the new year off right. If you have bad credit, you can turn to our team to help you receive the auto loan in Trenton, NJ that you need.