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Follow on Google News | 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.
By: CarSherpas 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. End
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