Detroit News: Used car prices rise with demand

The Detroit News reports that with a shrinking supply and a rising demand, used vehicle prices are higher than they have been:

Supply is down because “cash for clunkers” required old vehicles to be destroyed, rather than allowing them to be resold. In addition, fewer leased vehicles are being turned in and available for sale because automakers all but abandoned leasing during the industry collapse of 2008 and 2009.

Demand, meanwhile, is up as some cautious consumers choose to buy used cars, rather than expensive new ones.

As demand goes up, so do the prices – as much as 14% for SUVs and 16% for luxury cars, the Detroit News reports.

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