There are 2 main types of buyers for used cars:
1) The people who need to get financing. Banks will finance a car only to a certain age, I think it’s 6 years. If your car is a tad older than that, you won’t sell it to a private party, because they won’t have the cash.
2) Cash buyers who’ll take anything under $4000, if it’s priced right. It will sell in a day.
The car that will be hard to sell is the one that the bank won’t finance, but is over the $4,000 that most cash buyers have on hand.
There is the exception – my husband paid cash for his used Porsche. In a downturn, I think he would have tightened his belt too…
Boats are always hard to sell. Just check the Classifieds…
I don’t know how the car market will look in a recession. I can’t figure out either if rents will go up or down.
