Used cars change auto industry financing game

Thanks to struggles in the auto industry sector the past few years, many have found that the market is improving for used cars and, as a result, have been able to get more for their pre-owned cars than in years past. According to many experts, when it comes to auto industry financing for used vehicles, there are many deals available for individuals trying to get a good price for their items. The Sun Chronicle reports that auto dealers have seen an increase in the number of late-model used cars after struggling during 2009, when dealers weren't able to sell enough products. "Prices have gone sky high," said Skip Vasterling, owner of Classic Auto Sales, in an interview with the newspaper. "Just about anything worth driving is going for at least $5,000." In other auto industry financing news, the Obama administration recently announced it would be unveiling a plan to increase the amount of money it invests in energy efficient vehicles. Energy Secretary Steven Chu said the federal government will purchase 116 plug-in electric vehicles, including 101 Chevrolet Volts from General Motors.