DETROIT, Nov. 29 (UPI) -- Those popular no- and low-interest financing offers by the Big Three and other automakers have resulted in near record sales and a glut of trade-ins and end-of-lease models on used car lots.
Bloomberg News auto columnist Doron Levin says used car buyers can easily negotiate 15 percent to 20 percent discounts from dealers as trade-ins mount up.
Ford, General Motors and DaimlerChrysler sold about 1.75 million new cars and light trucks in October and November sales are expected to be that good or better when the figure are released next week.
The Big Three and Toyota recently extended their interest-free incentives into January on many new vehicles.
Continued robust sales would put the U.S. auto industry on pace to sell 17.2 million vehicles in 2001 for its second-best sales year ever after the record 17.4 million vehicles sold in 2000.
"The Big Three are on track to exceed original build schedules for November, and, if vehicle supplies are ample and sales remain on brisk in December, sales could exceed 17 million units," said Paul Taylor, chief economist for the National Automobile Dealers Association.
Ford sales analyst George Pipas estimated new car sales in October have put about 400,000 more used cars than usual into the resale pipeline and Levin said wholesale auctions of used vehicles have produced few buyers. Rental companies also are retiring older vehicles in their fleets.
Good used car deals abound on dealer lots, according to the NADA.
Used 1999 vehicles with 30,000 to 35,000 miles on the odometer typically were $1,000 to more than $3,000 cheaper in October than they were last January.
Automotive News columnist Arlena Sawyers says GM sold 63,040 certified used vehicles through October, surpassing its 2001 used vehicle sales goal. The world's largest auto company sold 30,000 certified used vehicles last year.
Toyota Motor Sales USA sold 161,114 certified used vehicles in the first 10 months of 2001, including 18,061 in October.
