FILE – A large number of used vehicles are displayed for sale at a dealership in Philadelphia, Thursday, Sept. 29, 2022. (AP Photo/Matt Rourke, File)

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I had good credit and enough cash to make the down payment. But none of the agencies in the Detroit area had a suitable vehicle. Or they will ask $3,000 to $6,000 more than the list price. She was feeling depressed after months of frustration.

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Things changed in late September, when a dealer told him a 2022 Chrysler Pacifica priced at $41,000 wasn’t a bargain. The model wasn’t what Hudson wanted either. But it wasn’t much more than the list price, and Hudson didn’t think he could object. He’s back to work on his truck.

This may be the worst. Hudson made the purchase at a time when new and used vehicle prices have fallen from all-time highs and as available units at dealerships increase. A Hudson truck might have cost more a few months ago.

This does not mean that anyone expects prices to fall to pre-pandemic levels in early 2020. With the rapid recovery from the recession, automakers are running out of cars and parts to meet demand. Prices rose dramatically and have remained almost unchanged since then.

New and used vehicle prices are still 30% to 50% higher than their level at the beginning of the pandemic. The average price of a used car was nearly $31,000 last month. Is it new? $47,000. After high prices and credit rates pushed average monthly payments on new cars to more than $700, millions of buyers were locked out of the new car market and confined to used cars.

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High prices bring big profits for most automakers, even if sales are weak. On Tuesday, for example, General Motors reported that its third-quarter net profit rose more than 36%, thanks in part to sales of its large pickup trucks and expensive SUVs.

However, as Hudson discovered, many vehicles have become somewhat less expensive. The first signs appeared weeks ago on the used goods market, whose sales reach 40 million annually. As demand decreased and inventory increased, prices began to fall.

CarMax said it sold 15,000 fewer cars in the fourth quarter than a year earlier. The CEO of the Richmond, Virginia-based used car company cited inflation, high interest rates and low consumer confidence as factors.

“A buyers strike” is how Adam Jonas, an auto industry analyst at Morgan Stanley, described the decline in sales, a dynamic that typically precedes a price decline. To be sure, average used car prices were down 1% in September from their level in May, according to Edmunds.com.

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At AutoNation, the nation’s largest dealership chain, used-vehicle sales and profits per vehicle fell last quarter. The company’s CEO, Mike Manley, said that although the supply of cars is still low, used car prices are falling.

“Our analysis shows that we have emerged from the high prices we have seen in the past,” Manley told analysts on Thursday.

Evan Drury, director of new ideas at Edmunds, warned that it could be years before used car prices fall to levels close to pre-pandemic levels. Since 2020, automakers have not leased as many vehicles, reducing one of the main sources of late-model used vehicles.

Likewise, car rental companies have not been able to purchase many new vehicles. For the same reason, they sell fewer cars on the used market. This affected another source of compounds. Used cars don’t spend much time in dealerships, as demand remains strong enough to keep prices high.

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When car prices first rose two years ago, low-income buyers were locked out of the new car market. In the end, many of them could not even afford used cars. People with below-average credit scores (620 or below) bought just 5% of new cars last month, compared to 9% before the pandemic. This confirms that many low-income families can no longer afford cars, said Tyson Jomini, vice president of JD. power.

High interest rates exacerbated the problem. In January 2020, shortly before the pandemic hit, used car buyers were paying an average annual interest rate of 8.4%, according to Edmunds. Average monthly payments were $412. Last month, the average rate was 9.2%. As prices have risen over the past two years, the average monthly payment has risen to $567.

An average 1% decrease in used car prices will help financially secure buyers with high credit scores who may qualify for lower interest rates. But for those with poor credit scores and low incomes, higher credit costs will offset any decline in car prices.

At the same time, the new car market has become an almost exclusive option for wealthy buyers. Automakers are increasingly using rare microprocessors to make expensive, loaded versions of pickup trucks, SUVs and other large vehicles, which typically have relatively high fuel economy. Last month, the average new car price fell slightly from August, but was still more than $11,000 higher than January 2020 levels.

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Glenn Mears, who runs five agencies south of Canton, Ohio, said interest rate increases by the Federal Reserve have caused fewer people to stop by his agency.

Overall, analysts say that as shortages of chips and other parts continue to hamper factory production, new car prices may not fall significantly. What is likely is that there will be moderate price declines. Cox Automotive reported that vehicle availability at dealerships nationwide increased last month to nearly 1.4 million after the number remained at 1 million for most of the year.

Before the pandemic, the natural supply was much higher, around 4 million. So, historically, inventory stays low and demand stays high. Like the Hudson, many buyers have no choice but to pay list price, or perhaps more.

“It’s extraordinarily expensive today,” Jomini said, estimating there are still 5 million consumers in the United States waiting to buy new cars.

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Despite recent stock market declines, many of these buyers have amassed fortunes and are enjoying luxury cars.

In the San Francisco Bay Area, for example, many people got big pay raises, says Inder Dosenga, who runs a group of 20 dealerships for brands like General Motors, Ford, Acura, Volkswagen and Stellantis.

In its earnings report on Tuesday, GM noted that customer demand remained stable. Although GM and other automakers would like to make more vehicles, they currently enjoy slower production, which generally means higher prices and higher profits.

John Lawler, Ford’s chief financial officer, noted on Wednesday that new car prices, which had been at historically high levels, were beginning to decline and consumer appetite was beginning to change. Cars loaded with options.

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Jeff Window, an analyst at Edward Jones, hinted that next year could be a turning point. With the economy likely to weaken and even enter a recession, prices may decline “as consumers become more focused on their financial situation and what they are willing to bear from a payment perspective.”

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Comprar Autos Usados En Estados Unidos