MEMPHIS, TN – The sleek chrome and gleaming steel lured Chad steward to CityAuto to buy a used car. The cheaper prices caught his eye too.
“I traded in a 2000 GMC Sonoma for a 2004 Ranger truck,” he said.
He's part of a growing crowd of drivers who want to buy used cars. Sales managers here at CityAuto say they hear it all the time.
“They're looking for price first, they're looking for selection second,” said General Manager Gary McCarter.
He said automakers have helped fuel the demand for used cars too.
“Manufacturers started building fewer automobiles,” he said. “So that's driven up the demand, raised the prices and the demand all at the same time.”
Stewart said he has always bought used cars.
“A lot of people are stuck in that rut of thinking they'll always have a car payment,” he said. “And this is a way to have a car and not have a car payment your whole life.”
Used car experts say the cost of used cars reached an all-time high last month. The report from the Manheim consulting firm said trade-in cars are fetching high prices too.
