From USA TODAY:
As the recession wears on, used car prices are hitting sky-high levels.
How high? So high that at Gerald Jones Honda in Augusta, Ga., owner Andy Jones paid $6,000 at auction for a 2004 Buick Century with 70,000 miles that he fixed to sell for $8,500 — more than three times what a car like that would have been worth before the recession hit, Automotive News reports.
Some dealers have stopped buying cars at auction because prices have become so outrageous. Why so high:
More motorists are hanging on to their clunkers because they can’t afford a new car. Fewer new car sales means fewer late-model trade-ins, the mainstay of auto dealers. Rental car agencies are hanging on to their cars longer as well…
Click here to read the full article.
Are you kidding me? This must be a planted story by someone in the Obama administraton who realizes, correctly, that the media and public, is too stupid to understand the true cause.
As a country we took millions of good used cars out of the system and enabled people to buy new cars that many likely can’t afford, through the cash to clunkers program. That program, a gift to Obama’s largest single base of the support, the unions, has been a slap in the face to America’s poorer people. Another example of an administration that is lost at sea.