By Your Valley
Low inventory and higher prices have made it more difficult to afford a vehicle these days.
Many Valley dealerships have less vehicles on car lots and are selling used cars at a premium since it’s tougher to get an abundance of new vehicles.
One car salesman said more customers are willing to wait several months for a new vehicle to come in rather than spending a lot on used transportation.
Recently, another dealer said he went from 400 vehicles to seven automobiles on his lot.
Willing to buy a used vehicle?
Buyers should be prepared to pay a premium.
The average used auto cost nearly $31,000 in October, according to an Associated Press story.
The average cost of a new vehicle is $47,000, the story said.
Locally, car buyers should expect much of the same.
For instance, a 2015 Honda CRV — which is almost eight years old — is listed at $23,800 at a Chandler dealership.
Gone are the deals where a customer can snag a leased car for a few hundred dollars per month.
“The wholesale prices that dealers pay for used cars are telling a different story. Although still elevated, wholesale prices are trending downward. In turn, this should translate to a drop in retail prices in coming weeks.”
Eric Hill, automotive investment attorney at Rose Law Group
