Dealers’ advice on cheap used cars: Buy them while you still can
By Isaiah Steinberg, Las Vegas Review-Journal
Pete Kelly, the used car manager at Jim Marsh Kia and Jim Marsh Chrysler Jeep in Las Vegas, hasn’t bought a used car for less than $20,000 at auction in over two years, and it’s not for lack of trying.
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Since the pandemic, he said, there are fewer options for used cars under $20,000 and he’s having to compete with national chains willing to accept slimmer profit margins.
Nationwide, demand for vehicles has dwindled due to high prices and interest rates in recent months, following a brief tariff-induced panic in March.
Despite the temporary dip in demand, the average price of 3-year-old used cars in the U.S. has increased 40.9 percent since 2019, according to an iSeeCars study.