Posted on 05/14/2017 10:23:23 AM PDT by ameribbean expat
Three years ago if a customer walked onto Dan Reel's used car lot seeking a late-model off-lease Ford Escape, his answer was short: tough luck.
The supply of lightly-used cars and trucks was tight because automakers had drastically cut back on bargain leases during and after the Great Recession.
Recently, though, a computer search for available used vehicles within 150 miles of Reel revealed an eye-popping figure: 668 Escapes. That's enough to put more than 40 percent of the inhabitants of this small northeastern Ohio town, population 1,600, into the popular crossover.
A search for the Chevrolet Equinox, a comparable crossover, showed 461 available.
"The automakers have flooded the market," said Reel, owner of Reel’s Auto in Orwell, Ohio, about 40 miles east of Cleveland.
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By the end of 2019, an estimated 12 million low-mileage vehicles are coming off leases inked during a 2014-2016 spurt in new auto sales, according to estimates by Atlanta-based auto auction firm Manheim and Reuters.
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Major automakers have relied heavily on leased vehicles to boost sales of new cars in the last few years. But with anywhere up to 12 million of these relatively low-mileage vehicles due to hit the market over the next three years, they are likely to depress prices and cannibalize new car sales.
(Excerpt) Read more at mobile.reuters.com ...
Nice
Whereas I run til the wheels fall off in my Acuras and Hondas. And kids eat (and puke) in the car. Suits me just fine. I buy a few years old and drive em into the ground. The first 10 years there are almost no problems. Good cars.
look for an off-lease Honda from a Honda dealer that is certified as a Honda’s Certified Pre-Owned Vehicle. check the dealer’s online carfax to see where car was driven and how long it’s been sitting on the lot and how desperate the dealer is to unload it.
pick the model and model year based on reliability information in one of these:
worth buying, but probably available at your local library as well.
off-lease Toyota Certified Pre-Owned models should be excellent too.
Measuring from Hurricane Katrina, till now, how many of those “used cars” have sat in flooded areas, and on the sales lots, with each major storm system that has come across the CONUS?
I’d wager the reporter who wrote this is now a brand spanking new owner of an off-lease Ford Escape at a great - and I mean great - price. You won’t find a better deal this side of East Orwell!
“vehicles are coming off leases...” Leasing is not the best option for increasing one’s credit. Purchasing a two year old car is the best option for saving money.
Hyundai sells every car that they make and my family has had six. Hyundai’s are awesome, thanks to the brave American soldiers in the 1950’s.
Hell, Toyota still sends me letters to trade-in because they have customers who want my car. (I told them to send them my way, and we could talk.)
Is it diesel?
Lol.. please post pics of your fire breather.. Too early to call it the dragon? I have a 225 BHP TT. Need for speed.. but great gas mileage.
I wasn’t looking for a car yet, but now I might.. with my long commute a boring 4 cyl.
i don’t think so.
So speaking of used cars...anyone in the market for an o4 suburban with 270,000 miles? Runs great, just getting broke in. $3,000 and this sweet ride is all yours.
WOW! chevy wont get half that many without a bailout.
that’s funny...we have 2 vibes a 2005 and 2006 and LOVE THEM! one at 280,000 miles and the other over 300. Good dependable cars, easy to fix. We had a third one but got rid of it because the sun roof was leaking. After reading alot we saw that was one issue with them otherwise most love them. My husband is 6’2” and actually still has headroom even more so than our SUV.
I have a stick Escape, I think you can get any SUV with a stick if you want one!!!!
The spousal unit sees nothing of value in me playing mechanic on my oldies works in progress.
If something happened to me, they’d probably be sent off for scrap.
Staying all hours at dumb baseball games is of course way more valuable somehow, I guess.
A lift would mean so much to me.
No way I could support one even if I could afford it.
Had a friend who did “Cash for Clunkers” with an older Tahoe still in working condition. He got a new-at-the-time Ford Escape. I wonder if the Tahoe(with no payments) wouldn’t have outlasted that piece he bought.
While I didn’t get my last 2 vehicles from the Rental company, I did buy them from a reputable dealer. The Dealer bought them wholesale, and then I picked them up. Both vehicles have been really good for me.
Please Sir....may I have another bail out?
Trump....sure. Right after you fold the Unions.
How about $60 bucks for an OEM hubcap, $350 for a rim. $125 for a fricking LED taillight. And then Detroit wonders why it can’t sell cars.
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