Car-dealer gloom good news for buyers
4:00AM Saturday Nov 08, 2008
By Mathew Dearnaley

Now is the time to buy a second-hand car, as the global credit crunch piles pressure on motor dealers desperate to shed stock.

Experts predict the used car industry could shrink dramatically over the next year, but canny buyers will be able to pick up bargains over the next few months, despite the weakness of the dollar against the yen.

Independent Motor Vehicle Dealers' Association chief executive David Vinsen blames slowing sales and finance company collapses for the biggest downturn he has seen in more than 20 years.

He says car dealers are doing everything they can possibly do to attract customers, but adds: "Some are not going to survive."

Mr Vinsen says associated businesses, such as shipping and car inspection companies, have lost more than a third of their business this year.

More here.