Tom Kontos Summarizes Current Used Vehicle Market

Used vehicle prices seem to be more "recession-resistant," according to Tom Kontos, chief economist for ADESA, and 2011 was no exception as wholesale prices remained "steady as she goes." Retail used vehicle sales have now more than recovered the ground they lost during the recession and had their best year since 2006 (27.6 million in 2011 versus 24.5 million in 2009 and 27.4 million in 2006).

 

Advanced Vehicle Technology Increases Cyberattack Potential

Recent studies show advanced technology in vehicles increases their vulnerability to cyberattacks. Using malicious software, terrorists could gain the ability to control the brakes of numerous cars simultaneously by remotely accessing a car's computer controls through its Bluetooth, Wi-Fi or OnStar connections. Other types of havoc include the ability to eavesdrop on a motoring executive's phone calls and electronically locate, break into and start cars to steal.

 

Longer Intervals Between Oil Changes Recommended

Many drivers still believe their motor oil should be changed every 3,000 miles, but improvements in oils, friction proofing, and car engines have lengthened the oil-change interval to 7,500 - 10,000 miles, slashing motor oil consumption. Drivers should be confident in the oil change advice offered by automakers.

 

2011: Big Year for Used Car Dealers

Used car sales reached nearly 39 million (38,792,169) units last year, nearly tripling new-car volumes, according to CNW research - up 5.2 percent from 2010 - but prices for "nearly-new" used vehicles rose sharply and buyers are likely to see this trend continue through 2012 as a result of low inventory. The good news: many lenders are loosening credit again for used car customers.

 

Commercial Drivers Face Heavy Fines for Handheld Cell Phone Use While Driving

Commercial truck or bus drivers will face stiff civil penalties for using handheld cell phones while operating a vehicle beginning January 3, 2012. Two companies, ZoomSafer and FleetSafer Vision, have developed software that ensures the safe and legal use of mobile phones while driving. A recent study by the New England Journal of Medicine indicates the accident risk of cell phone use while driving is equal to driving while intoxicated.