URBANA, Ill. (WCIA) — If you’re looking to buy a used car, you might end up paying more than you bargained for. That’s because used car prices are on the rise and they’re nearly the price of what a new car would go for.
M&M Auto Sales in Urbana says business is going fairly well. The owner says used car prices are up for several reasons. Some of those include people keeping their cars longer and a lack of inventory for new cars.
There’s a global microchip shortage right now and that’s impacting how fast car makers can produce vehicles. Prices for new cars are way up as well. That’s made used car prices similar to what they would be when they were new.
“There are buyers out there, but unfortunately people are paying more, definitely paying more for what they’re getting,” Eric Herzog, Owner of M&M Auto Sales, said.
He also said with stimulus checks, they’ve had more cash sales. He went on to say a lot of people can’t buy new because the price and lack of inventory, so they are having to buy used.