According to Experian, used cars experienced a major sales decline last year.  This trend is carrying over into 2008, where many dealerships are noticing a decline in used vehicle sales because motorists are remaining cautious.

Although used car sales have generally fallen, vehicles that are older (5-7 yrs.) actually experienced an increase in sales of 3.3%.  This age group had more of a sales increase than any other age group.

These older cars being the most popular age group may have to do with the difficulty that drivers are having with trying to get a bank loan.  Also, drivers can’t afford to pay as much outright.

Just like in prior years, the MPV, SUV, and sports car segments have experienced a sales increase, despite the fall in virtually all other vehicle segments.

Because of the poor economy, consumers are cautious in purchasing any car, used or new.  Many motorists are deciding to keep their older cars, and purchase an auto warranty to protect their old gems.