BETHLEHEM, Pa. - Car prices were cruising lower and lower from pandemic highs over the last 12 months, but it appears prices are ticking up again, especially for used vehicles.
"We're at the point right now where there's just no used car inventory," said Eric Watson, Director of Operations at Raceway Chevrolet in Bethlehem.
Nationally, prices for used cars crept up on average about $700 this past month.
Watson says auction inventory is low as well, especially when it comes to low-mileage cars. Rental companies are holding onto their cars longer, too.
"Most people had been deciding either to buy out their leases, hold onto their cars, where they may have traded them in at 30, 40,000 miles, now they're holding onto 60,70,80,000 miles," Watson said.
"I've been doing this for 23 years and I've never seen anything like it."
Watson says the new inventory, however, has rebounded.
Average new car prices have dropped about 14% overall from last year, just north of $27,000.
"This lot, which would normally be full with 120, 140 used cars, we're in the 60, 70-car range. Right now, however, if you are a consumer with the new inventory levels coming back, and the values of used cars, it's probably the best time to buy a car," Watson said.
Experts say now may be the time to buy a used vehicle, as well.
Prices usually continue to climb in the spring and summer months, and interest rates are only expected to rise even further.
"If you have a trade-in dealers are going to fight for it," Watson said.
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April 06, 2023 at 06:45AM
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Used car prices ticking up again after months of declines - 69News WFMZ-TV
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