The Surprising Truth About the Used Car Market: Is It as Strong as You Think?

The supply chain interruption that reduced the availability of new cars also impacted the used car market. However, as new inventory becomes available, it has helped the overall situation for used cars.
 
HOUSTON - Dec. 26, 2022 - PRLog -- As the economy recovers from the impacts of COVID-19, many consumers are looking to purchase new or used cars. However, the used car market has been facing its own challenges. According to Damien Regan, owner and operator of DealerTown Auto Wholesalers, "it was a down year" due to high interest rates and the availability of cars. Chip Rubenstein, owner of Chip's Auto Sales, added that high interest rates have made it more expensive for customers to finance used cars, leading to less buying power.

The supply chain interruption that reduced the availability of new cars also impacted the used car market. However, as new inventory becomes available, it has helped the overall situation for used cars. Chuck Dortenzio, director of operations at Key Auto Group, stated that the used car market is strong, though it has fallen a bit as the supply of cars has loosened. Prices for used cars have started to soften as more inventory becomes available.

Rami Abou Al Laban, COO of Key Auto Group, noted that the days when used cars could command prices as high as brand new ones are gone. This was due to a lack of new cars available, leading to high demand and prices for used cars. However, as the supply chain situation corrects itself, there is more availability of new cars, which helps the used car market.

Chip Rubenstein, with 47 years of experience in the industry, noted that there are always cycles and trends in the used car market. He cited the example of high interest rates in the late 1970s, but added that the availability of used cars has been a major issue coming out of COVID-19. Many people are opting to buy their leased cars, leading to a lack of off-lease vehicles available as used car inventory.

Overall, the used car market has been strong, but it has faced challenges due to high interest rates, the supply chain interruption, and the availability of used cars. As the economy recovers and more new and used cars become available, it will be interesting to see how the market continues to evolve.

If you're a dealer seeking assistance navigating these challenging times, we encourage you to contact Nick@CarSherpas.Com | http://CarSherpas.Com | 1.800.674.9521 for additional information and help in finding the ideal partner for your business.

Contact
CarSherpas
***@carsherpas.com
End
Source: » Follow
Email:***@carsherpas.com Email Verified
Tags:Used Cars
Industry:Automotive
Location:Houston - Texas - United States
Subject:Reports
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
CarSherpas PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share