(WHTM)– The UAW strike is over, good news for autoworkers and car buyers, worried about new shortages, but while the shortages won’t happen you could end up paying more.
Like so many car buyers right now, Cheryl Lucas was stunned by high prices for new cars.
“It’s ridiculous, people can’t afford them anymore,” Lucas said.
Hanley Clark just signed papers for a used minivan and found prices still high.
“Prices are high, mileages are high,” Clark said.
The good news is that the 40-day UAW Strike ended before it impacted new car supplies. The bad news, Ford says the concessions it gave workers could add an extra $850 to the cost of a new vehicle. A cost that will eventually trickle down to new car lots.
With the average new car price now at $48,000, many buyers are turning to used cars: but those prices remain high.
A lot of the problem these days is that many people want the exact same thing: a compact SUV like a Toyota Rav 4 or a Honda CRV. If everyone wants the same thing, the price goes up.
“You get better gas milage,” car dealer Gary Heflin said. “They like that, they like the size of them, they have a better reputation. “
Heflin, of Courtesy Automotive in Oakley, suggests you shop for something everyone else is not shopping for.
But there is hope on the horizon: the Mannheim used vehicle index is down 11% from September 2022 to September 2023, meaning buyers are starting to find used car deals for the first time in two years.
Those deals could get better, even if new car sticker prices rise as a result of the UAW strike.
“If they like the dealer, they find a nice car, I just tell people you should by the car.”
At least with the strike over, you shouldn’t have to worry about empty lots and land bidding wars for cars like two years ago, so you don’t waste your money.