Used car prices up, new cars hard to find

The general manager of McKinney Automotive on Calhoun Memorial Highway in Easley told WYFF4 that his inventory of new cars is low. The brands they sell include Ram, Chrysler, Dodge, Jeep and Mazda. “Normally we would have 500 new Chrysler, Dodge, Jeep, Ram’s on the ground. We started this month with 54,” said general manager Daniel Black. With fewer new cars coming in, he said the demand for used cars skyrocketed. “Everything is selling. Right now, we’ll have someone come in and make us a ridiculous offer at 11:00 o’clock. And by 2:00 o’clock the car is already sold to someone else,” Black said. CNBC reports that used car prices are up nearly 30% from a year ago. Many automotive plants shut down or slowed production during the pandemic, and Black says some are not caught up yet. Plus, there is an ongoing shortage of semiconductor chips across the globe which is slowing new car production. CNN reports that the average car has between 50 and 150 chips. Black said as soon as more cars arrive on his lot, they’re typically gone. He said more people from out of state are shopping his inventory online. “We’re never even seeing the customer. They’re just buying it online, shipping it to them, and they’re done,” Black said. Black said this is a great time for people to make money off a trade-in. He said people who are shopping for a car should act quickly. “If there’s a car that you want, and it’s got the colors and the options that you want on it, you better buy it, because in two or three hours somebody else is going to buy it,” Black said.Black said he thinks it may take until early next year or even into next spring before we see car lots filling up again.

The general manager of McKinney Automotive on Calhoun Memorial Highway in Easley told WYFF4 that his inventory of new cars is low. The brands they sell include Ram, Chrysler, Dodge, Jeep and Mazda.

“Normally we would have 500 new Chrysler, Dodge, Jeep, Ram’s on the ground. We started this month with 54,” said general manager Daniel Black.

With fewer new cars coming in, he said the demand for used cars skyrocketed.

“Everything is selling. Right now, we’ll have someone come in and make us a ridiculous offer at 11:00 o’clock. And by 2:00 o’clock the car is already sold to someone else,” Black said.

CNBC reports that used car prices are up nearly 30% from a year ago.

Many automotive plants shut down or slowed production during the pandemic, and Black says some are not caught up yet. Plus, there is an ongoing shortage of semiconductor chips across the globe which is slowing new car production. CNN reports that the average car has between 50 and 150 chips.

Black said as soon as more cars arrive on his lot, they’re typically gone. He said more people from out of state are shopping his inventory online.

“We’re never even seeing the customer. They’re just buying it online, shipping it to them, and they’re done,” Black said.

Black said this is a great time for people to make money off a trade-in. He said people who are shopping for a car should act quickly.

“If there’s a car that you want, and it’s got the colors and the options that you want on it, you better buy it, because in two or three hours somebody else is going to buy it,” Black said.

Black said he thinks it may take until early next year or even into next spring before we see car lots filling up again.

Car & Automotive