Demand is Up for Used Cars, Consumers Cashing In

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by Fox Charlotte

CHARLOTTE, N.C. - Johnna Lowery is graduating from what she calls her "mommy mini van," to her dream car: a Ford Expedition.  She says, "When we realized how much money we could get for our van, we were actually surprised."

She and her husband, Bill, have taken good care of the 2008 model: got it serviced regularly, kept it clean and kept it to only 40,000 miles.  He says, "Considering what we paid for the minivan and what we got for it, it's like we've been driving for free for a few years."

The well kept van is exactly what Keith Hawthorne Ford General Manager Mark Ficken keeps an eye out for.  He tells FOX Charlotte, "Used car sales are really really strong right now, there's a shortage of cars on the market."

That's good news for many consumers, who are cashing in.  For example, Ficken says he's now paying out $5-6,000 more for a used Ford Explorer than he did in 2007.

Ficken says, "We pay more for used cars than we ever have."

Dealers use a variety of ways to let customers know they are looking to buy quality used cars.  They use Facebook, snail mail and even search Craigslist looking for cars for sale.

Ficken says there are  a few things that make some used cars more appealing than others to dealers, like cars that have had one owner, have the right equipment and are the right color.  Ficken says, "If you look around the lot, it's, like, silver, white and black."

But red was just right for the Lowerys, who didn't know until now that their used car was in such high demand.   Johnna says, "In this economy, I can imagine it would be a good time to get a good used car!"

Ficken says many of his customers find that if they trade in their used car for a new one, their payment actually drops.

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