The Car Pro Discusses the Car Market During Ongoing Chip Shortage
Thursday on Sunrise LBK with Dave King and Tom Collins, The Car Pro Jerry Reynolds joined Dave and Tom to talk about the state of the car industry amidst chip shortages, what to consider when selling or buying a used car, important stories on his website, and more.
Reynolds ended up test driving the same car as he had the previous week, being the 2022 Infiniti QX60, Infiniti's 3-row luxury SUV, and so the topic this week was instead shifted to the state of the car industry amidst the chip shortage where new cars are unable to get their average 1,400 chips needed to have everything run properly. The used car market is still fluctuating, and Jerry was asked to speak on what prices are looking like. He explained that a lot of dealers are saying that they will not charge over MSRP for used cars, while others are charging $5,000 or even $10,000 over, and people are actually still paying it. Jerry said that, while they won't be gaining any loyal customers by charging so much, that the market will adjust. As an example, he told a story of a 3 year old Toyota Tundra that he followed through an auction yesterday that sold for even more than it was worth when it came out.
It's just the market. I mean, it's just the way it is right now. And unfortunately, this isn't going to be over anytime soon.
Reynolds continued the conversation by talking about how the public is reacting to the used car market, saying that many are getting excited when they see what their used car might be worth, but not considering what they are going to have to pay when they buy their next car. Jerry went on to say that for years he has provided "cookie cutter advice" for people looking to buy a used car, but that now with how different things are, it can be a case by case basis. You can get advice on buying a used car by calling into his show, which broadcasts on 95.1 FM and 790 AM KFYO on Saturdays from 11am-1pm. For some people, he will tell people to hold off and wait, and for some he needs to hear their situation to find out what works best for them.
The Car Pro also talked about some stories on his website carprousa.com. One story talks about a new survey that finds that 50% of Americans think that electric cars will be the majority within 15 years. Another story talks about the best selling SUVs from all brands for the 3rd quarter. And finally, a reminder to pull over when you see emergency lights, as two people were killed recently while helping motorists.
Read more stories at carprousa.com and listen to the full interview in the audio above.
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