While new vehicle sales are stalled, used vehicle sales are in high gear. Rita Davis is shopping for a used truck. "It was cheaper and in today's economy it's whatever we could afford," she said. Most buyers these days are like Rita. They're shopping the pre-owned lot.
Dealers across all makes and models are seeing the switch. Greg Beshore of Royal Palm Beach, Florida's Al Packer West dealership says many dealers are now depending on used car sales to survive. Used vehicle sales there have doubled over the past few months. They actively try and get drivers to trade-in used cars that are in top-shape."It's not enough to keep up with demand," Beshore said.Charles Bryan knows that too well. He deals exclusively in used vehicles. "Right now, it's tough. Mainly new cars are holding on to stuff they used to send to auction," he explained. Bryan, like the new car dealers, goes to auctions to stock-up. Dealers are hoping buyers come full circle as well, and drivers will eventually trade-in for a new set of wheels.Buyers are coming in for used SUVs, trucks and mid-size cars. A few months ago, small cars were moving off the lot. With lower gas prices, there's been a shift back to the larger vehicles.
