Purchasing a vehicle still tough, but Eric Hill, automotive investment attorney at Rose Law Group, says price drops right around the corner

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

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November 2022