Said a used-car dealer in Chicago: "Let's face it. Business is terrible." For the last six months, business has been terrible for many used-car dealers because of: 1) enormous new car production, and 2) tightened credit on used cars. In Cleveland, used-car lots were crowded with 25,000 cars, twice as many as this time last year. In Dallas, Buicks that were selling for $2,195 in March were going for $1,695; and 1951 Chevrolets were down from $1,595 to $1,195. Prices in New Orleans had slumped an average $150 since May (e.g., a 1952 Ford with heater, radio and overdrive was being...
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