AUTOS: End of a Boom

The used-car market, a "get-rich-quick" bonanza for the past four years, was in trouble last week. Across the U.S., used-car prices were tumbling.

Along Detroit's "Sharpers Row," used-car hub of the U.S., prices skidded as much as 40%. In Chicago, a 1941 Cadillac which would have sold for $2,700 a few months ago was on sale for $2,100. In Los Angeles, Kelley Kar Co., which boasts that it is the biggest used-car dealer in the world, cut prices $200 to $500 a car. In Cleveland, prices were off about 20% and dealers were referring to any 1942 model as "a...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!