If you are a regular watcher of the American used car market, you will notice that the prices of used cars have been going up recently. For instance, in 2010, you can easily get a 2003 Toyota Camry for $5500 at auction. Now the same car is selling for $6500 - $7000. The same goes for other brands like Accord, Corolla etc.

There is now official confirmation of this fact from several sources. According to the experts, one major reason for this development is the current recession in the US. Since money is in short supply, more and more Americans are buying used cars instead of brand new ones. This has resulted in a remarkable decrease in the quantity of used cars available and hence an increase in price.

If you purchased your car last year, congratulations on escaping the coming price hike. If you have a car for sale in Nigeria, remember that you may not be able to get a similar model for what you are selling the one you have now.

You can read more on this topic at the links below:

Used Car Prices Higher Than Ever
http://autos.aol.com/article/high-used-car-prices/

Low In Supply, Used Cars Costing Drivers More
http://www.npr.org/templates/story/story.php?storyId=129781218

^^^

Are you saying the car dealers here should also increase?

You would be surprised how people will react to this info without really understanding your post.

Wylout:

^^^

Are you saying the car dealers here should also increase?

You would be surprised how people will react to this info without really understanding your post.

The Nigerian market may not react immediately to this trend. I wouldn't be surprised if prices remain steady or even decline. The point is: if you sell a car at 2010 price, the money you realize may not be enough to get a similar car from the US.

x

@ Delta007,

I was about to respond to your post but it suddenly disappeared. In the first paragraph, you wrote:

Dunno where you are getting your analysis from but one thing the recession did was drive the cost of used vehicles down.

In my original thread, I provided links to my sources. The first source is AOL.com which we all know and the second source is NPR.org. NPR stands for National Public Radio. They are the equivalent of the BBC and is among the most reliable news sources in the US.

In the second paragraph, you wrote:

If there's any indication of an increase in prices of used vehicles, it probably means that the recession is almost at its end and there are very little incentives to buying new vehicles now, hence people are beginning to buy used vehicles.

I have read and re-read this paragraph and still can't understand the point you are trying to make. You seems to be saying that people buy new cars during recessions. Maybe you meant to say the opposite i.e people buy used cars during recessions. Until you clarify your point, it will be difficult to respond appropriately.