Is a drop in used car prices in the future?
SALT LAKE CITY — Local car market experts say pandemic chip shortages are still largely driving the lack of new car availability in Utah. In turn, the demand and prices have increased for used cars. Is there hope on the horizon that used car prices will come down soon?
Paul Lankford, General Manager of Jerry Seiner Buick GMC in South Jordan, said he’s hopeful things are moving in the right direction. Lankford, who has been selling cars for decades, said manufacturers seem to be making progress.
The delay in getting new cars is backlogged largely due to COVID chip shortages which still seems to still be the driving force behind higher used car prices. Lankford said and it’s all about supply and demand.
As chip production picks up, Lankford said Utah will see a change in the market.
Is there a bright side? While consumers may pay more for used cars until production catches up, the value of trade-in cars is high.
“You’re going to get more out of your trade than you ever have, ” said Lankford. “Your car is worth more today than it ever will be.”
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