Posted Friday, May 07, 2021
Remember the great toilet paper shortage of 2020?
There’s no way to tell how many back-alley toilet paper deals took place during that dark time, but it’s safe to say that any kind of shortage is going to have a negative impact on the consumer.
When it comes to the used car market, this is also true. Due in part to COVID and the cascade of effects due to shutdowns, worker shortages and shipping disruptions, the supply of both new and used vehicles began to take a big hit in the last year.
Much like the housing market in many areas, the supply of would-be buyers has eclipsed the supply of vehicles, and prices have risen as a consequence. How much?
Anywhere from 6% to 14% last year, and there doesn’t seem to be any signs of slowing down. The good news is that as the economy continues to rebound, the interest in purchasing new cars will continue to grow as well, which may infuse an influx of used cars into the market (trade-ins).
When customers purchase a new vehicle, they often either trade in their old one or sell the one they have, which adds to used car inventory. When the number of used vehicles increases, buyers benefit.
But when you are shopping for a new car locally, does inventory matter? Yes, and here are a few reasons why. Local and regional prices can vary, and when you are looking for a used vehicle, variety always plays in your favor.
For instance, if you are looking for an SUV, having 15 to choose from vs 3 is going to benefit you when it comes to price AND quality. And having more to choose from on the same lot will save you time, and money.
Bottom line, inventory matters when it comes to buying a used vehicle, so don’t be afraid to ask! Check out our inventory here: https://www.epicautosalesidaho.com