David Pan USA TODAY Published 5:08 p.m. UTC Jun 15, 2018 The average price of a used car has hit a 13-year high, pushed up by a crush of late-model leased vehicles hitting the market, experts say. So while buyers may fret when they see the average price of a used car rose to $19,657 in the first quarter, up 17.6 percent compared to the same period five years ago, a lot of the reason is that vehicles on the market are generally newer than in past years, Edmunds.com says. “Off-lease cars are flooding in the market,” said Ivan Drury, senior analyst at the car-buying website. But with more motorists ready to rid themselves of their jalopies in a strong economy, "the market is doing a good job of absorbing the large quantity." That demand is also holding up prices, defying past predictions that they would fall when a cascade of off-lease cars hit the used-vehicle market. In fact, even with an average price of $22,685, the average three-year-old used car … [Read more...] about Used car prices hit a 13-year high as more late-model cars come off lease
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China's huge bet on new-energy vehicles has understandably gotten the world's attention. But a less flashy phenomenon now underway may be at least as consequential for the environment in the near term: China is finally getting into used cars.A familiar ritual in most countries, buying vehicles secondhand had until recently been all but unknown in China. In most markets, sales of used cars outpace those of new ones by a wide margin, usually two-to-one or more. About 39 million used cars were sold in the U.S. last year, for instance, compared to 17 million new ones. In China, the opposite prevailed: 29 million new cars sold, and just 12 million used ones.That's thanks to some quirks in China's auto market. Until the late 2000s, poor-quality manufacturing limited the lifespan of Chinese-made cars, while prospective secondhand buyers had few ways to determine a vehicle's ownership and accident history. The industry was also highly fragmented, with a well-earned reputation for … [Read more...] about China’s Next Big Thing? Used Cars.
The corresponding bill is expected to be submitted in the next two to three weeks. Photo from UNIAN Ukrainian MP from the Petro Poroshenko Bloc parliamentary faction, Robert Gorvat, says the parliament's tax and customs policy committee has prepared a bill to introduce the "old age" tax related to the used cars imports. "Restricting car imports through environmental standards is a temporary method, and it's wrong. Almost no one does it this way in European countries and worldwide. It would be a normal thing to make someone who would like to buy a car pay for its 'old age.' The more a car pollutes the atmosphere, the more its owner must pay," the official told a press conference June 6. According to the lawmaker, the bill will be submitted in the next two to three weeks. In addition, Gorvat and a group of other parliamentarians developed an alternative bill with the same objectives. Read also Sales of new cars in Ukraine grow by 10% in Jan-May "The bill stipulates a … [Read more...] about Ukraine may introduce “old age” tax on used cars imports
THE UK Government is still encouraging Brits to buy diesel cars, despite announcing a total ban on the fuel source set for 2040. The Road to Zero report will make plug-in hybrids, electric and hydrogen cars the only legal new models - but drivers have been urged to still consider diesel for the near future. Secretary of State for Business, Energy and Industrial Strategy, Greg Clark, has now claimed that the report will encourage motorists to opt for diesel power until new regulations come into place. According to Auto Express, Clark told the FT Future of the Car Summit there was "still a place for diesel cars". Greg Clark said: "I think it’s important to say that new-generation diesel engines can make big contribution to reducing our emissions. "I would expect the contribution of the higher standards of efficiency and emissions performance of diesel engines to continue to drive improvements in air quality and our greenhouse gas performance. "It would be the … [Read more...] about UK Government still encouraging Brits to buy diesel cars despite total ban in 2040
A car finance scam is leaving used car buyers out of pocket - and the problem is getting worse, according to experts. Used car buyers are being warned they might lose their car thanks to a type of fraud some unscrupulous sellers are using. In the first four months of 2018 a total of one in three cars has been sold with outstanding finance, meaning the buyer could lose the car and the money they paid for it. If a car does have outstanding finance on it the debt moves with the car, meaning used car buyers could be lumped with a hefty bill or face losing their vehicle entirely. Selling a car with outstanding finance is fraud if the buyer is not told but data expert HPI says it is more likely than ever to be caught out. Fernando Garcia, head of consumer at HPI said: “Buying a car with outstanding finance can land the unwitting buyer in trouble. "The debt stays with the vehicle not the borrower. Even if a buyer bought the vehicle in good faith, if the finance hasn’t been settled … [Read more...] about The car finance scam you need to avoid when buying a used car