![]() ![]() While car prices might be down, interest rates on car loans are still high and car insurance is up more than 20 percent from this time last year, according to the Consumer Price Index. I'm still seeing cars without chips on them now, which is strange. "So they're sitting in port waiting for chips and then Chevrolet decided to deliver them to the dealerships and give the customer credit and they would later on install those chips. “For a while they were all sitting at the port," Paso Robles Chevrolet Sales Manager Joseph Starbuck said. Meanwhile, Kelly Blue Book reports a 3.5 percent year-over-year drop in price for new vehicles.Īt Paso Robles Chevrolet, they have more new vehicles back in stock, however, some are still missing key features because of the chip delay during the pandemic. I'm not going to look the other way.”Īccording to the Manheim Used Vehicle Value Index, used car prices are down nearly 14 percent from February 2023. I still have to go to the grocery store or the Mid-State Fair or wherever and see you. “If we don't have customers, we can go home," Borjon added. We're almost back to normal."īorjon says his dealership tried not to increase prices on their used vehicles when new vehicles were in short supply. Mass-market buyers still paying 690 over MSRP, luxury segment still strong. It has since come back, the production's back up. Average new car transaction price rises slightly to 48,281 in October. "We didn't have hardly anything," Anthony "Mark" Borjon, owner of Borjon Auto Center said. They currently have 60 on their lot and are working toward getting back to normal, pre-pandemic numbers. The Borjon Auto Center in Paso Robles used to stock upwards of 200 vehicles. Now that production issues have settled, local car dealers are starting to see more inventory and prices are dropping. For reference, the 2012 Hyundai Elantra originally had a starting sticker price of 17,945, with the range-topping Elantra Limited Sedan 4D starting at 21,195. Supply chain issues with new vehicles caused used car prices to skyrocket during the pandemic. ![]()
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