DETROIT (Bloomberg) -- Record-high prices for used luxury automobiles are driving more buyers to new-car lots.
BMW AG's 2011 3-Series compacts and M3 sedans now cost $34 more a month than one-year-old used models, according to Edmunds.com. General Motors Co.'s Chevrolet Corvette is about $12 a month cheaper to buy new than used, the auto-pricing Web site says.
There is an industrywide shortage of used cars in the U.S., the product of manufacturing cuts amid slumping sales the last three years. That means some people have effectively been priced out of the used-car market and into brand-new models. As many as 500,000 new vehicles by mid-2012 may have been sold to people who would have bought used, said economist Paul Ballew.
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