Empty car inventory, sales, rental prices stuck in high gear

DALLAS (NewsNation Now) – Parking lots once full of shiny new rides are now being overtaken by empty parking lots.

“I’ve been in the business for 45 years and I’ve never seen anything like it before,” said Ray Huffines, who owns dealers in the Dallas-Fort Worth area. Some of them don’t even have vehicles in their showrooms.

“The inventory room is very low,” he said. “Usually we have an 80 day supply of vehicles, now we could have 15 days or even 10 days, so everyone’s stocks are very low right now. “

When the pandemic began, auto factories closed and the demand for home office facilities led semiconductor manufacturers to switch from cars to electronics. Now there is a shortage of computer chips and the need for speed is back.

“Every dealership that we stop by is very high price,” a car buyer told NewsNation. Unrivaled prices, like you can’t afford it.

According to government consumer data, used car prices are up about 45% from last year. The average selling price of a new vehicle is over $ 40,000.

Kwan Tran lives in Texas and has been looking for a new truck for about a month. He says he can’t even find a car salesperson to negotiate with.

“They’ll say… well, it’s more than likely that this car will sell out by tomorrow,” Tran recalls. “And in most cases, I probably think it’s true. Like I said, they sell at the sticker. In the past, I don’t think I ever paid for anything sticker.

And rental cars now cost an arm and a leg.

“I won’t pay this to come to Kansas for the first time for three days and I will pay $ 300-400 when I can drive 30 miles,” a buyer told NewsNation.

The prices are so high that they put some post-pandemic plans to neutral.

“It takes away other activities after paying that kind of money,” said a disappointed rental car customer.

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