2003 Kia Rio

Driven to buy used cars

Expect a little more if you look to sell your car this summer.

That's what Lou Pearman, a retiree living in Roanoke County, is telling his friends.

In late April, he advertised his 2010 Toyota Camry LE: sand color, 7,000 miles, nonsmoker, 32 miles per gallon. Within two weeks, he was trading the keys for $20,700 -- about $200 below his asking price.

Since then, he has noticed fewer ads for Camrys. There were five in this newspaper when he was selling, and none in late May, he said.

"I wish I would've kept it longer," Pearman said. "I could've sold it for $500 more."

Experts agree. This is the best time in years to sell your car because demand has outstripped supply.

Many people scrapped their old rides during 2009's Cash for Clunkers program. This year, fewer cars are being produced in post-disaster northern Japan. And many people are holding on to their used cars longer as fallout from the recession lingers.

Meanwhile, more consumers want to buy used instead of new as they try to get more mileage from each dollar.

Average used-car values appreciated this year through the end of April, according to Kelley Blue Book's May market report. For example, an average 3-year-old Honda Civic was valued at $12,200 this April, and an average 3-year-old Honda was valued at $8,700 in April 2007. An average 3-year-old Ford Explorer was valued at $14,200 this April while the average 3-year-old Explorer was valued at $7,100 in April 2007.

"We're turning away almost as many people who want to buy as there are people who do wind up buying because we just can't get enough cars in our lot," said Enrique Rigney, used car manager for Haley Toyota in Southwest Roanoke.

Used over new popularity is reflected in the Roanoke and New River valleys, where there were three times as many titles issued for used vehicles than new ones last month, according to the Virginia Department of Transportation. For used in Roanoke, there were 1,387, up 4.9 percent from May last year; in Roanoke County there were 1,151, up 8.9 percent; and in Montgomery County there were 1,203, up 16.1 percent.

For close market observers such as Keith Martin, owner of Martin's German Service in Southwest Roanoke County, this boom can be traced to the recent recession. As the dollar has taken a hit against other currencies, fewer car companies continued leasing programs, and new car production decreased.

North American new-car sales were 16.1 million in 2007, 13.2 million in 2008, 10.4 million in 2009, and 11.6 million in 2010, the Wall Street Journal has reported.

Kia Website: Kia Rio Thermostat

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