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car prices

Used car buyers are about to find that it’s tougher to find the models they want. And they may have to pay more for older, higher mileage cars too. Why? It’s yet one more thing to blame on the crisis that hit the auto industry and overall economy in 2008. A key supply of late model used cars — vehicles coming off of three-year leases — is about to be choked off due to the crisis in the financial markets and the auto industry that summer that cut deeply into new leases.

“Leasing fell off across the board in 2008, so there’s just not going to be as many of those late model, good quality cars coming into the market,” said Belinda Aborts, director of automotive credit for auto research firm Experian.

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