CADA: Hail Damage in Colorado Fuels Growth in Used Car Sales

Cars for saleHail damage in September led to a higher number of new and used car sales in Colorado, according to Tim Jackson, president of the Colorado Automobile Dealers Association (CADA).

Sales of new vehicles reached more than 17,600 cars and light trucks, up 14.7% from more than 15,400 units year over year. Aside from the weather, the state’s “naturally aspirated economic dynamics” influenced the growth, amid a low jobless rate, attractive interest rates and available lines of credit.

Business Prospects

As used cars typically require more repairs and maintenance, the CADA’s data on more sales will provide business for auto mechanics that offer different services, including wheel alignment in Lakewood. Second-hand vehicle registrations surged 11.3% year-to-date.

On the other hand, the increase in registrations for new and used cars led to a 7.5% growth during the first nine months of 2017. Jackson said that demand for trucks, crossovers, SUVs, pickups, and minivans has kept the market afloat. Brands, such as Infiniti, Jaguar, Nissan, Toyota and Volkswagen, posted higher sales of at least 13% or more.

Holiday Shopping

Consumers in Colorado should consider buying cars during the Thanksgiving weekend to snag a great bargain. While people will flock to shopping malls for huge discounts, auto dealerships also offer attractive rates to lure more customers.

Many dealers will be keen on clearing their inventories of 2017 models in anticipation of 2018 vehicles. Therefore, it will not be surprising that some companies will consider all options like 0% financing so they can offload the older models. As some dealerships aim to meet monthly targets, the Thanksgiving holiday will be a perfect opportunity to rack up sales.

Do you plan to buy a new or used car in Colorado? The timing of your purchase may be important especially if you have a limited budget.