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A look at why used car sales are up despite COVID-19

Sales up 40 percent

DETROIT – The coronavirus (COVID-19) pandemic and the financial difficulties it created has made for some unusual trends.

READ: In the market for a new car? Here’s why now may be the perfect time

There has been a scramble for used cars all across Metro Detroit. Thad Szott, a co-owner of Szott Automotive Group, said pickings are slim. He said his used dealership sales are 40 percent over their record year, each in the past two months.

Szott said the second a leased car gets turned in, it’s already sought after by multiple buyers.

Autotrader analyst Michelle Krebs believes it’s all part of a strange intersection of low new car inventory, low interest rates and people wanting to spend less on a vehicle.

Car shopping appears to be about being prepared, informed and reacting fast. Autotrader data shows right now used car sales are ahead of last year at this time.

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