GREENVILLE, WI (WTAQ-WLUK) — If you have a lightly used vehicle sitting in your garage, you might have the golden ticket.
“We usually keep 60-70 cars in our lot, now we’re lucky if we have 30-35 right now,” said Jacob Mclain, Assistant General Manager of Greenville Auto.
Mclain says used cars are leaving the lot within hours of arriving and there is a thinning supply of new vehicles.
The primary reason is because of a global semiconductor chip shortage, which hampers the auto industry’s ability to manufacture new vehicles.
“That chip helps with the electronics of the engine and helps increase the miles per gallon,” said CEO of the Wisconsin Automobile and Truck Dealers Association, Bill Sepic.
Sepic says pent up demand means you’re going to see a higher price tag for new and used cars.
“Your used car is more valuable than it used to be. So you may be paying more for the vehicle on the lot but you’re going to get more for your trade in than you would before,” said Sepic.
To put it in perspective, Mclain says a 2013 base-level Toyota Sienna that o sold last year for $14,000 can go for $18,000 in 2021.
“You’re seeing a lot of 2008, 2009 stuff where people are wanting to settle for a used vehicle but a quality used vehicle,” said Mclain.
If you can hold off on buying a vehicle, you can save some money.
“As you see the inventory start coming back, you’ll see a plateauing and probably as we are looking again to this time next year you’ll start to see the decline in some of the pricing,” said Mclain.
Sepic says car prices are expected to stay high through the beginning of summer.
Dealerships around the state are encouraging people to sell their used vehicles.
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