Owner Used Cars For Sale Near Me – Used car for sale in El Cerrito, CA on March 15, 2021. Photo by Justin Sullivan/Getty Images
The used car market is booming across the country. The average price of used cars and trucks rose 10% in April and 21% from the same month last year, driven in part by a 4.2% increase in the latest Bureau of Labor Statistics consumer price index.
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Mark Kugman, third-generation owner of Kugman Motors, a used car dealership in St. Louis. Below is an edited transcript of their conversation.
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Kai Rysdal: I’ll cut to the chase here, sir. Kugman: What happens to used cars in this economy?
Mark Kugman: Well, I have two answers – one is simple and the other is more complicated. Due to the scarcity of cars, the prices have increased.
Kugman: That’s right, the long version is that production of new cars has been reduced. Used car dealers rely on the new car market to drive our sales. We need a list. I can’t call the factory and ask them to send me more used cars. We have to buy them at auctions or bargains, and there is very little inventory in the new car market.
Kugman: Well, we’re looking beyond virtual auctions. I’m a little bit out of my comfort zone, I almost have to look [at cars] and we pay high prices for quality cars. In addition, we pay for the preparation and delivery of the products. … So we are oppressed.
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Rysdal: Yes, I’ll let you know. But look, you have to pass those costs on to your customers. It’s not like I’m going to walk into the Kugman Motors lot and make a deal, right? Should it be transferred?
Kugman: Well, we try to do as little as possible because we want to be competitive. The way the market is now, anyone can go online and see what these cars are selling for. The problem is there’s a lag between what’s going on with the car and Kelly’s Blue Book or Black Book, which he believes should sell the car.
Rysdal: You know, it’s all based on semiconductors and all the supply chain stories that we’ve heard, and all indications are that these problems are not going to be resolved, says Tomorrow. The question is, how long can these prices last before they fail?
Kugman: Yes, it will affect sales, if it hasn’t already. In fact, our attractive sales are high. It was a period of exceptional demand, when you wanted a car, you got a car. St. And the demand is really high, I think, because of the revival.
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Rysdal: Tell us more about this incentive. People have money in their pockets, will they buy a car even partially?
Kugman: Well, if someone wants a car and suddenly has $5,000 and puts it away, that’s the time to look at cars. I hear some of my competitors say, “I won’t buy anything until the price drops,” which is bullshit. We want to be there for our customers. Instead of raising prices, we’re trying to sell an additional market, maybe extended warranties, gap insurance, trying to fill some of that, but that’s going to stop. I have experienced many such things. I have been doing this for 48 years.
Rysdal: I just wanted to say, you’ve been in this business a long time. Have you ever seen anything like this?
Kugman: I’ve seen the worst, the interest rate was 21% and nobody bought anything. So at least we have demand. The economy looks very strong. He has changed. This is not the economy of 20 years ago, where people worked in factories and all that, but people still have jobs and still have needs.
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