Waco Used Car Prices Soar | News from local businesses
Without new cars, dealers cannot make trade-in deals. Quality used vehicles have become scarce like Edsels, and with the concept of supply and demand, prices have increased accordingly.
“There has never been a better time before this to trade,” said Cody Platz, used car sales manager at Jeff Hunter Toyota. “In some cases, customers were able to drive a car for free for two years. If you bought it in 2018 put 30,000 miles on it, you basically get what you paid for it.
Jerry Hughes, owner of Hughes Motors at 2601 W. Waco Drive, responded briefly when asked about the volatile used car market.
“Just write it’s crazy,” said Hughes. “Big dads (dealers) hang on to used cars because they haven’t delivered new ones yet. They do not receive tokens. It slowed everything down. Things are unstable, unstable until us little guys.
Auto auctions, the lives of many used car dealers, “almost get retail prices when we should be buying wholesale and selling retail. I don’t know what to do with a car like that, ”said Hughes, who stays afloat negotiating with longtime friends and wholesalers in Fort Worth and Cleburne.
“Motor vehicles, especially used cars, are the engine of inflation in today’s economy,” said Karr Ingham, an Amarillo-based economist who prepares a monthly Great Economic Index. Waco.