More U.S. Drivers Are Selling Older Cars for Cash

A recent study conducted by IHS automotive found that that the average age of vehicles on the road in America has reached an all-time high. A representative from New York-based car buyers Sell Your Car for Cash says that as a result, many drivers are unable to negotiate successful trade-ins and are choosing to sell for cash instead.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend
The average car in America is getting older every year. Although this means that drivers are profitably squeezing every last drop out of that equity, it also means that they tend to have trouble selling or trading.

Mt. Sinai, NY (PRWEB) June 11, 2014

On June 11, 2014, Sell Your Car for Cash, a car-buying service based in Suffolk County, New York, responds to a recent study that found that the number of older cars on the road in America is on the rise.

The study, conducted by IHS automotive, analyzed vehicle registrations in the U.S. as of January 1. The findings, as reported in a June 9th NBC article by Phil LeBeau, indicate that the average age of vehicles on the road has reached an all-time high, having grown by over 16 percent in the last decade.

Mark Seng, spokesperson for IHS, was quoted in the article as saying, “It's obvious many Americans are holding onto their cars longer and that's really accelerated since the recession.”

Eric Rienzie, owner of Sell Your Car for Cash, a New York-based cars-for-cash firm, says that the trend has had an obvious impact on his car-buying business. “The average car in America is getting older every year,” he said. “Although this means that drivers are profitably squeezing every last drop out of that equity, it also means that they tend to have trouble getting a good price when it does finally come time to sell.”

He added, “With these older cars, the dealer’s offer is likely to be below value – new-car dealerships tend to prefer dealing with later model cars. It’s not really worth their time because of the investment required to prepare the car to be sold – at a profit – yet again. So many of these drivers with older cars eventually find their way to us, since it’s hard to argue with getting paid a fair price immediately in cash.”

“The average car is now about 11 and a half years old,” says Rienzie. “That means that many of the cars on the road are even older. We continually see more vehicles that are way past the 100,000 mile mark.”

The IHS study found that sixteen-year-old cars and trucks account for over 20 percent of the cars in the U.S. “To put that into perspective,” says LeBeau, “on average, every state in the country has registered more than one million vehicles that are at least 16 years old.”

About Sell Your Car for Cash:

Our mission is to ensure complete customer satisfaction and give you the highest price for your car. The staff at Sell Your Car for Cash are friendly, knowledgeable, and experienced automotive professionals. We buy ANY Year, Make or Model in ANY condition. We are fully insured, bonded, and licensed by the New York State Department of Motor Vehicles. We are also proud members of the Better Business Bureau and the State and National Independent Automobile Dealers Associations.

Want to sell your car fast and get aid in 10 minutes? Let us do all the work. We provide our customers the simplest and most convenient cash-for-cars service, while still paying top dollar. Need to get out of your lease or loan? We are experienced in negotiating loans and/or pay-offs, regardless of how much of money you may owe or how long is remaining on your lease. We are proficient at working with banks and other financial institutions to pay off your car or truck as well as handle all of the necessary paperwork required. We pay top dollar for all cars, trucks, vans, and SUVs. Give us a call today at (888) FOR-CASH, or click to fill out our instant quote form at sellyourcarforcash.com.


Contact

Follow us on: Contact's Google Plus