Do you wonder why the used vehicles at buy here-pay here lots are priced so high? Simple, because they have a very high rate of repossession in their industry. In good economic conditions, the repo rates are approximately. 30%.
How to not pay the excessive amount of money and “shop” for Buy Here Pay Here dealers, recommended reading!
BHPH is one of automobile’s fastest-growing business segments. BHPH dealerships in the United States sold an estimated 10 billion dollars’ worth of BHPH cars. BHPHs are valued at approximately $10 billion.
There’s some good news to share with you!
You should be happy because many car dealers, both new and old are now getting involved in the BHPH sector. This new and old car dealer entrepreneur is expanding BHPH auto lots in the United States quicker than China’s population growth!
This is a sign that BHPH dealers are oversaturated. There will always be a dealership offering buy-here-pay now or “inhouse” financing. The consumer will be able to choose where they want to go to find their next BHPH.
Prices of BHPH cars will drop in coming years. The competition between BHPH cars will ultimately benefit consumers.
BHPH saturation has a few advantages.
-The price for BHPHs on BHPH auto lots will be dropping.
Customer service will get better and more efficient in years to come.
-More competition means that the choice of used cars at BHPH will be dramatically increased.
-The BHPH warranty that car dealers offer will continue to improve.
BHPH auto dealers are going to provide better automotive service.
Customers will enjoy a superior buying experience.