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CNY Shoppers Struggling with an Increase in Used Car Cost Shoppers Struggling with Increase in Used Car Cost

By Lauren Helmbrecht

Gabrielle Eure: Like I have got to get out of this car.

Helmbrecht: GABRIELLE EURE WANTS TO REPLACE HER LINCOLN NAVIGATOR…THAT NEARLY DRIVEN TO THE GROUND.
AND AFTER FIVE MONTHS OF SEARCHING FOR A NEW USED CAR, SHE’S FEELING EXHAUSTED.

Eure: At this point I’m just looking for anything that’s low mileage and at least a little bit newer.

Helmbrecht: EURE WAS EXCITED TO BUY THE USED NAVIGATOR IN PERSON FIVE YEARS AGO. BUT LOCAL DEALERSHIPS JUST AREN’T CARRYING WHAT SHE WANTS IN HER PRICE RANGE.
SO NOW, SHE’S DISAPPOINTED THAT SHE HAS TO SHOP ONLINE.

Eure: The same time I’m looking at a car online, someone else is looking at the car online and so I could email them and they don’t email me back first. It’s frustrating, so…

Helmbrecht: Whether you’re shopping for used cars online or in person, you’ll likely run into the same issue: expensive used cars. According to Compound Advisors, the average cost of a used car is up nearly $7,000 since February.

Helmbrecht: GUANGSHI JIE IS THE MANAGER OF CAGO AUTO GROUP AND SAYS HE ONLY HAS AROUND 12 USED CARS TO SELL.
AND THOSE CARS ARE MORE EXPENSIVE THAN CUSTOMERS WERE EXPECTING…SOMETIMES 60% MORE.
SO EVEN IF CUSTOMERS WANTED A NEWER CAR, JIE SAYS THEY HAVE TO COMPROMISE.

Jie: People have to choose probably 5-6 years, higher mileage cuz, you know, that’s all they have the budget for.”)

Helmbrecht: WHEN SHOPPING FOR A USED CAR, CUSTOMERS CAN EITHER WAIT TO CLOSE A DEAL…OR START MANAGING THEIR EXPECTATIONS BEFORE HITTING THE ROAD.

SYRACUSE, N.Y. (NCC News) – Gabrielle Eure is ready to retire her Lincoln Navigator. The check engine light is on, it’s missing the left running board and this summer, she got two flat tires back to back. But even though she’s been looking for a new used car since July, she’s still shopping around.

“I have to get out of this car… At this point, I’m just looking for anything that’s low mileage and at least a little bit newer,” Eure said.

Eure is struggling to find a used car that’s within her budget and has low mileage. She’s even discussed whether buying a new car might be the more financially responsible decision.

“You can get a 2021 used car is the same price as a 2019 new car…it just doesn’t make any sense. We are trying to figure out the best route to go,” Eure said.

Nationwide, the average cost of used cars is up nearly $7,000 since February, according to Compound Advisors. Because of the computer chip shortage for new cars, people who want to buy new cars are also shopping for used. A TrueCar analysis found that because of the limited supply, used car prices are up over 40% percent since the first quarter of 2020.

CAGO Auto Group in Syracuse only has 12 used cars for sale, said Manager Guangshi Jie. Jie said customers come in expecting to spend $3,000 and find out the car they’re in the market for is going for $5,000. That 60% increase catches customers off guard and has them readjusting their expectations.

Though customers come in expecting to buy a 1- to 2-year-old used car, “people have to choose probably 5- to 6-years, higher mileage cuz, you know, that’s all they have the budget for,” Jie said.

Jie said that because he doesn’t know what kind of inventory he’ll have in the future, customers should move quickly if they find a used car they like.

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