Buyers are expanding their search for new vehicles because of the high prices and low inventory.
If you didn’t notice, used and new cars are now more expensive than ever. You probably noticed this and, if you were one of the people who bought a car within the last year, it may have changed how you approach making it happen. You are not alone in this.
A data-inline-widget=”internal-links” data-params=”%7B%22alias%22%3A%22subaru%22%7D” data type id=”2″>Subaru/a> dealership in Kentucky conducted a survey of 2,690 buyers across the United States. They found that vehicle shoppers are now traveling farther to purchase new and used cars. A Subaru dealership located in Kentucky conducted a survey of 2,690 buyers across the country. It found that shoppers are willing to travel an average 469 miles to purchase a car. Automotive News cites a buyer from Colorado who flew 1,400 miles to purchase a used Outback. This new data is supported in part by an older survey by Cars.com, which was conducted in June 2021. The study found that 10 percent of car buyers traveled out-of-state to purchase a vehicle despite the fact that there were still severe shortages and high prices. 52% drove more than 25 miles to locate the right vehicle. Only 13% drove more than 250 miles.
Curiously, record-high fuel prices don’t discourage buyers from driving record miles to avoid record-high vehicle costs. AAA reports that the average gasoline price in the United States was $4.95 per gallon as of June 22. This is slightly lower than the previous $5.00 mark. However, there has been a slight dip and lower oil prices which suggests that fuel costs may continue to drop. The latest report from ISeeCars.com showed that used car sticker prices increased 16.9% in May. It’s still down from 23.9 per cent in April and is the fourth consecutive month of decline in used car prices.