SIOUX FALLS, S.D. (Dakota News Now) - Used car prices surged due to the disrupted production of new vehicles during and after the pandemic, but according to Jacob Sample of Vern Eide Acura, things are finally looking better.
“It is stabilizing. I think they’re still a little bit elevated, however, things are starting to go back down. Things are starting to level out as time goes, so the used car market is definitely stabilizing. We have a good used inventory again and prices are starting to get back down to around average,” said Sample.
Since the pandemic, the process of buying a vehicle has changed. For starters, negotiating the price of a vehicle isn’t what it used to be.
“There was a lot more negotiation. There was a lot more room on vehicles, things like that. Now, the room has kind of gotten away because dealers are not inflating prices anymore because if they do, they don’t sell anything,” said Sample.
Although we’re seeing more electric vehicles on the roadways, Sample said the internal combustion engine isn’t going away any time soon.
“I think ICE, or internal combustion engines, are still going to be around for the next couple of decades while this electric change is happening,” said Sample.
As to whether or not this stabilization in the market is only a temporary relief, Sample doesn’t think there’s anything to worry about.
“An election year does make things a little interesting, but you do see that gas prices are going back down, interest rates are starting to go back down, and everything’s starting to move in the right direction. I don’t see that changing unless there’s something out of our control, but I don’t foresee any big change happening. I think things are going to continue to progress forward. I see interest rates continuing to go down and now that we have inventory, I see manufacturers continue to improve, especially going into this new electric revolution in the auto industry. I think those things will continue to progress and I think the future is really bright,” said Sample.
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February 16, 2024 at 12:56AM
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New and used vehicle market beginning to stabilize - Dakota News Now
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