Another harmful hurricane may even affect our nation’s auto industry. Experts anticipate a market favoring auto sellers due to supply and demand.
Toyota began to cut back leasing in 2015. General Motors reduce gross sales to rental automobile corporations last yr to regulate the used-automobile provide, GM chief monetary officer Chuck Stevens said. Now GM is reallocating incentive spending away from leases towards typical financing, as new-automobile sales are anticipated to back off slightly from last yr’s report 17.5 million. Jake Winfield, a math teacher in Phoenix, considers himself a beneficiary of the car oversupply. Late final 12 months he purchased a 2015 Accord with under 15,000 miles that he believes began life as a lease. He paid just under $20,000 for the licensed pre-owned automobile with aluminum wheels and a moon roof; the car’s sticker worth was about $25,000 when new. It was inspected and comes with a warranty. …