Used car prices still on the rise

CHATTANOOGA, Tennessee (WDEF)- The whole world turned upside down. Typically when you drive a car off the lot and the price depreciates. Today the price appreciates.

Driving is something we rely on but, as car prices continue to surge and gas prices go up it can be tough to afford it.

“Especially in an environment where there’s very limited inventory you might want to shop outside of your immediate area. We’re showing for the first time actual payments. Not estimated payments, not payments that are subject to terms and conditions. These are payments that when you choose the vehicle you like any place an order that’s the actual payment on your contract,” said Hecht.

According to an Automotive News report on the latest data from Cox Automotive wholesale used car prices rose to record highs this past month. In turn, that means the prices dealers charge used car buyers could also continue to rise.

“New cars are not being manufactured at a pace to meet demand. The ones that are being manufactured are selling for a higher price and on the used car side, used car prices are going up as well because many consumers are now buying used cars,” said Hecht.

He said with the chip shortage and high demand for cars negotiating for a car can be difficult.

“Very importantly to sell your used car. There’s a ton of value in equity if you’re on a used car or in a lease it’s on expiration or before expiration a great way to offset the expenses of your new vehicle is by making money on your old one. A lot of us that the market would be normalizing by about now based on some of the indicators that we saw six to nine months ago but it really hasn’t just yet,” said Hecht.