Cars just coming off of three-year leases provide a key supply of vehicles to the used car sales market. However, people will start to see used car prices soar as the flow of leased cars into the used car market declines, reports CNN Money
In 2008, the auto industry was hit hard by the economic downturn. Consequently, automakers stopped issuing new leases as demand for them decreased; 58 percent fewer leases were issued between June and November of 2008.
This summer might present the toughest used car market ever as supply continues to dry up and demand begins to surge. So, if you plan to buy a used car this summer, be prepared to pay a premium.
© 2013 Newsmax. All rights reserved.