New BMWs a Dollar More Than Used Show Closing Market Gap
Aug. 11 (Bloomberg) -- Record-high prices for used luxury automobiles are driving more buyers to new-car lots.
Bayerische Motoren Werke AG’s 2011 3-Series compacts and M3 sedans now cost $34 more a month than one-year-old used models, according to Edmunds.com. General Motors Co.’s Chevrolet Corvette is about $12 a month cheaper to buy new than used, the auto-pricing website says.
There is an industrywide shortage of used cars in the U.S., the product of manufacturing cuts amid slumping sales the last three years. That means some people have effectively been priced out of the used-car market and into brand-new models. As many as 500,000 new vehicles by mid-2012 may have been sold to people who would have bought used, said economist Paul Ballew.
“There’s a substitution effect going on between new and used,” Ballew, chief economist for Nationwide Mutual Insurance Co., said in a phone interview. “When you get those price gaps closing, you get people that are willing to shop new that wouldn’t have before.”
Two years after U.S. auto sales plunged to their lowest level in almost three decades, the supply of used cars coming off leases or out of rental fleets is at a trickle. With deliveries rebounding slowly, low-mileage used cars will remain so scarce that many shoppers will buy a new vehicle instead of used, said Ballew, a former analyst for GM’s predecessor.
‘Significant Run-Up’
The Manheim Used Vehicle Value Index, determined through the largest auto-auction company’s more than 5 million annual U.S. sales, reached a record 126.6 this April and rose to 127.8 in May. It held at 125.9 in July.
The luxury segment’s index reached a record 109.74 in June. Manheim started its value index in 1995.
Used prices have had “a significant run-up” from late 2008, Tom Webb, Manheim Consulting’s chief economist based in Marshall, Virginia, said in a telephone interview. The shortage of low-mileage used models “will last for some time.
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JOHN PARTIPILO / THE TENNESSEAN Shellie Keyes, foreground, and friend Tim Coleman look at a Corvette in the showroom at the Freeland Chevrolet Superstore at Hickory Hollow, which expects to offer aggressive rebates on trucks.
Bayerische Motoren Werke AG's 2011 3-Series compacts and M3 sedans now cost $34 more a month than one-year-old used models, according to Edmunds.com. General Motors Co.'s Chevrolet Corvette is about $12 a month cheaper to buy new than used,
Bayerische Motoren Werke AG's 2011 3-Series compacts and M3 sedans now cost $34 more a month than one-year-old used models, according to Edmunds.com. General Motors Co.'s Chevrolet Corvette is about $12 a month cheaper to buy new than used,
BMW's 2011 3-Series compacts and M3 sedans now cost $34 more a month than one-year-old used models. General Motors Co.'s Chevrolet Corvette is about $12 a month cheaper to buy new than used, according to searches on a variety of auto-pricing websites.
For example, a new Chevrolet Corvette actually costs US$12 less per month than a used version. According to Kelley Blue Book, another vehicle-pricing firm, the average value for a one- to three-year-old used vehicle has risen 16% per year since 2008,
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