Yet another report finds that as the economy continues to sag, more Americans in the market for a car are turning to used cars.<\/p>\n
The Federal Reserve’s Summary of Commentary on Current Economic Conditions, more commonly referred to as the Beige Book, finds that consumer interest in used vehicles remained strong in February, even while new car sales plunge.<\/p>\n
According to the report, in many of the major markets the Fed tracks, used car sales outperformed their new car equivalents.<\/p>\n
“Sales of new automobiles and light trucks remained exceptionally sluggish, with Philadelphia, Richmond, and Kansas City reporting further declines from an already slow pace of sales,” finds the report. “Used vehicles fared better in general, with Kansas City and San Francisco noting that they were selling well and Cleveland and Chicago reporting improvement over the previous period.”<\/p>\n
This appears to be an ongoing trend for the car industry as Edmunds.com reported in February that in the three months prior, more than half a million people who would have bought a new car during a better economic period chose a used car instead.<\/p>\n
Find New York Used Cars<\/a> with New Jersey State Auto<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Yet another report finds that as the economy continues to sag, more Americans in the market for a car are turning to used cars. The Federal Reserve’s Summary of Commentary on Current Economic Conditions, more commonly referred to as the Beige Book, finds that consumer interest in used vehicles remained strong in February, even while […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"yoast_head":"\n