“That’s going to be pretty eye-popping for a lot of folks.”
“Back when the recession hit, you saw some leading up to historic highs leading up to ’08 and ’09 and saw a bottom hit,” Argiz said. “The pricing on the vehicles is one thing, but there has been a lot of spending and hyperinflation with interest rates being raised pretty aggressively for the past year.”“The demand for used cars has cooled off a lot,” Argiz said. “Interest rates on used cars are substantially higher than on new cars. That has led to fewer used vehicles purchased with financing.
“Overall, broadly speaking, inventory is pretty lean because of the supply chain challenges and microchip shortages,” he said. “You may have a tougher time in Florida, post-[Hurricane] Ian and with [Tropical Storm Nicole]. We ballparked about 50,000 vehicles destroyed because of Ian, and you’re going to have folks needing to replace those cars.”
“As supply chain increases and gets better, inventory will increase over the next several months, and there will be some softening of the pricing in the market,” Argiz said. “It’s just a matter of when — six months, 12 months, 18 months, when? If the interest rates continue to rise, people aren't going to want to purchase those big-ticket items, like cars, as much.”
The end of the year is traditionally when vehicles are discounted to make space for the newer models, Degen said. But vehicles from certain manufacturers remain in such short supply so not every dealership will run those usual holiday specials.
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