Used luxury car sales up in tough economy
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GREENSBORO -- Some buyers are scaling back when it comes to car purchases, especially in the new luxury car market.
"Used car sales are actually up, which is a bit surprising with everything in this market you read and everything you see would make you think that cars are growing roots at the dealership," Steven Jones with Lamborghini Carolinas said.
Jones says it has been hard to keep his used inventory well stocked, and he's not alone.
A recent Wall Street Journal article says January sales of pre-owned Lexus vehicles rose 19.5 percent compared to last January. And 2009 sales of Mercedes Benz cars are up 27 percent compared to 2008...
Jones says people are after a bargain, and those bargains are definitely out there.
"The bargain out there is a car that's a couple years old, has been well taken care of, doesn't have a lot of miles on it but it can be bought at a significant savings,” he said. “Even after factory financing or any other incentives, used cars are gaining a lot of traction over new."
While there are plenty of deals out there, buyers should be wary of deals that are too good to be true.
"Everything has a certain value and when you see a particular example that is significantly cheaper than all of the cars around it there's typically a reason for that, so make sure it's got a clean CarFax, hasn't been in an accident," Jones explained.
But even though used sales are up, Jones says it's not how it used to be, but he's hoping things will turn around soon.
"We're pretty resilient people so we'll make it through."
Dealers say they are also seeing a dramatic increase in people servicing their luxury cars to try to prolong the car's life.