CABOT, Ark. – If you’re in the market for a new car, or even a pre-owned car, you’re not likely to find a good deal any time soon.
“Crazy!,” said Mitch Ward of Red River Ford in Cabot. “I mean, they’re absolutely astronomical, the prices are.”
For Arkansans needing new wheels, Ward said you can’t get a deal right now.
“You just need to find something that’s going to fit your budget,” Ward said.
Ward said it’s slim pickins’ for brand new rides.
“Used to, this lot would be filled with 75, 80 percent new cars and now we’ve got it filled with 90 percent used,” Ward said.
And if you can find what you want, it’s going to cost you more than usual.
“And I’ve seen one car that was $58,000 is now worth $72,000,” Ward said. “I’ve seen $4,000 cars now bring in $10,000.”
The COVID-19 pandemic created a ripple effect on the car industry.
Manufacturers stopped production and Ward said there’s still a shortage in the microchips that go into new cars.
“And so, because of that, the used car values are astronomically high,” Ward said.
Ward added that people are coming in wanting a new car but leaving with a used car. He said people are selling their cars like crazy, in hopes of making some quick cash.”
“We have people coming in every day wanting to sell us their cars and then pulling an old junker out of the barn to drive,” Ward said.
Ward added he’s seeing the problem everywhere.
“It’s really costing the working man a lot of extra money,” he said.
Ward said he doesn’t expect to see a big drop in prices any time soon.
“Because we’re not going to have new cars until October, November,” he said.
So when it comes to buying a new or new-to-you vehicle, you’re either going to have to wait a while…or pay that high price.