Robert A. Hardies, CFP, MS, ATP, a financial planner in Livonia, publishes the Demographic & Economic Digest. The latest issue has good news for anybody in the market for used cars. Retail spending in the U. S. is falling, especially…
spending on new cars, restaurants and clothes. “Diving deeper into auto sales,” Hardies says, “expect the numbers to get worse. Consumer demand research shows that car buying peaks around age 54. The highest number of boomers were born in 1961, or 55 years ago. That means car sales should have had their best showing last year. Right now, used cars are piling up on dealer lots as previous leases end. If you might be in the market for a set of wheels, give it a few months, as prices should come down.