With the prices of new cars rising, with increases in gasoline and delays in the supply chain, the used car sector is presenting greater demand and pushing prices in a decisive and sustainable manner, it was announced Fox Business.
The media spoke with used car dealers in Washington who showed how the industry is responding to the growing demand.
Americans are looking for cars in good state to raffle prices on new vehicles and that means more business for used car dealers.
“The economy is a bit tough right now,” said Luis Zárate, a Carson Cars salesman. “They are looking for a used car with low mileage that they can trust.”
Dealers are encountering obstacles to getting used cars that force them to be creative in filling their lots.
“We have been working very hard and we had to do a non-traditional supply for the inventory, for sure”, explained the owner of Carson Cars, Mike Carson. “I mean, just going to auction is not working. We are buying cars on paper. We are opening different paths for different buyers”.
Right now the demand is exceeding the supply of used cars: “ The market is driving prices. In general, prices have gone up,” said Carson.
With continued problems in the supply chain, the price of used cars has skyrocketed in the last two years, taking the average price of trading at nearly $9,000 dollars, making affordable deals increasingly difficult to find.
“Follow quite challenging, especially if you’re looking for a vehicle in that lower price range,” said Blue Book’s Matt Degen. “If you are trying to find a car that costs less than $10,000 to less than $ 15,000, that’s even more challenging”.
The conditions of the used car market show what will happen a good time for the market is favorable for buyers.
“You may have to look a little deeper to find the vehicle you want,” Degen added to Fox Business. “As long as there is demand like there is now, I don’t expect prices to go down”.
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