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A glut of used cars is creating great buys for consumers and good times for dealers, but some headaches for those in the auto leasing business, according to industry sources, the Chicago Tribune reports.
"This is a terrific time to buy a used car," said Paul Taylor, chief economist with the National Automobile Dealers Association (NADA). He said an abundance of vehicles on the market has resulted in big bargains on used-car lots.
Raymond C. Nichols, president of the National Auto Auction Association, agreed. "There has never been a better year to buy a used vehicle than now," said Nichols, whose group represents 365 auto auctions in the U.S. and 18 other countries.
The industry expects about 4 million three- and four-year-old vehicles to come off lease this year, double the number that came off lease last year, according to the Tribune.
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