Used car sales for 2010 are expected to be 36.7 million, according to information released by TrueCars.com. The new car pricing website, which also closely monitors used car buying, said that number tracks about 3.4% ahead of 2009's total of almost 35.5 million used cars.
Used car sales are only predicted to grow about 2.2% in 2011 to 37.5 million. That's not because consumers will be buying less vehicles. It just means pent-up demand is going to be satisfied with new car purchases.
For 2011, TrueCar.com's forecast for light vehicle sales remains at 12.7 million units, an increase of 10.4 percent from the 2010 level of 11.5 million, which is a 10.5 percent increase from the disastrous level of 10.4 million in 2009, the lowest since 1982.
Part of what's helping new car sales is the rising cost of used cars. According to Edmunds.com, another new car site, the average used car transaction price is at $19,345 currently, versus $16,586 in December 2009 - a 16.6% increase. All year long used cars were generally 10 to 15 percent higher than last year.
"Consumers have been willing to either substitute premium for non-premium cars or consider used and certified pre-owned cars instead of new," said Edmunds.com Senior Analyst Karl Brauer. "Ironically, thanks to reduced supply and increased demand, today many lightly used pre-owned cars are actually more expensive than new cars. But, because that is counter-intuitive, many used car shoppers aren't even considering a new car."
TrueCars.com had project 36.7 million in total used car sales for 2010 according to your article. Do you happen to know the actual 2010 sales? I’ve been searching the web but am yet unable to find them. Is there a location that tracks annual new and used vehicle sales?