usedcar

How to hunt down a used-car deal from a rental company like Hertz, Enterprise during coronavirus

As Hertz offers to sell thousands of its cars at steep discounts and millions of Americans face financial uncertainty due to coronavirus, now might be a good time to hunt for bargains from rental car companies. 

“There are definitely good deals out there,” said Rick Ricart, president of the pre-owned vehicle dealership Ricart Automotive in Ohio. “Rentals are down, and rental car companies might be getting aggressive to cut their losses.”

But there are also things to look out for. 

Pouncing on a used-car deal just because you see an alluring price could leave you in a financial bind down the line. And with cases of COVID-19 ticking up, buyers should take extra precautions before taking off in a car previously driven by dozens or even hundreds of other people. 

­

Here’s how to smartly and safely find a used-car deal from a rental company in the age of COVID-19:

Read More

Bargain-conscious Americans lift used-car sales in the coronavirus economy

By Nick Carey

NAPERVILLE, Ill. (Reuters) – At the height of the coronavirus pandemic in mid-April, used-car dealer Alex Tovstanovsky had vehicles jammed six rows deep on his lot in the western Chicago suburb of Naperville.

But the seeming oversupply was not a mistake.

Despite plummeting sales at his store, Prestige Motor Works, Tovstanovsky was betting on a recovery, buying dozens of cars in early April as auction prices for used vehicles dropped.

That bet is now paying off. Tovstanovsky can offer cars cheaper than local competitors and his sales jumped 38% in May versus May 2019.

“This is an election year and I felt the Trump administration and the Republicans in Congress would do whatever it took to keep the economy strong,” Tovstanovsky said.

Rising demand has now pushed used-vehicle prices about 20% higher than when Tovstanovsky made his bet.

“I just wish I’d bought more cars when prices

Read More