Used Cars Lebanon Pa, Visit to massive Pa. dealer auction shows car prices rising

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Used Cars Lebanon Pa – If you shop for cars, it is helpful to know the landscape. WTOP Car Guy Mike Parris gets the story inside by visiting the world’s largest automated auction facility. While the Manheim, Pennsylvania site, only for dealers, some insights from there can help save you money.

“This is a controlled mess,” Parris of the facility offers 36 auction lines on more than 400 acres in Lancaster County, about two and a half hours from DC “At the end of the day you will find out what speed the car is in the wholesale market – and when this will go up, “he said.

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The ripple effect of the rates might be blamed for raising prices on the used car market. The idea is that if rates lead to higher prices for new cars, used cars will become more attractive to buyers – and the market has reacted. Manheim said prices saw reflections in the spring and then “normal increases” this summer. It said prices rose 5 percent compared to last year.

There is still relative bargaining. “Large luxury sedans definitely lose a lot of value,” said Parris. Electric vehicles also perform poorly on the resale market: “You can get them for pennies on the dollar.”

In contrast, larger pickups and SUVs have excellent value. Parris says the Jeep Wranglers and Toyota 4Runners are excellent players, with 4Runner “going for almost what was sold for two or three years ago” when new.

So, once the dealer buys a car at auction, how much do they get?

“If there’s a $ 10,000 car, you might see it around $ 11,000 to $ 12,000 at the dealership,” while high-end cars can see markups of $ 4,000 to $ 5,000, Parris said.

Manheim Pennsylvania, offers more than 500,000 vehicles for sale every year, and many make it to the D.C area. “Obviously if it was an off-lease vehicle, it was a very good opportunity that it actually came from Manheim,” said Parris.

Many car rental companies also auction their cars there. One of the biggest buyers at auction is CarMax, which can send 50 to 60 representatives to weekly sales.

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