RALEIGH, NC (WNCN) — Memorial Day weekend is traditionally a time of big sales at dealerships, but supply and demand are changing that. The auto deals buyers might expect are unlikely to happen this year.
It’s something shopper Casie Earley learned by calling local dealers.
“I read online that Memorial Day is like the best holiday or time of year to buy a car based on sales, but there’s no such thing as no sales, so I couldn’t really believe it,” he said Earley.
According to a report by JD Power, average stimulus spend per car in May is expected to be $965, compared with more than $2,700 a year ago. According to the report, less inventory means fewer discounts from manufacturers.
Sammy Triesh, finance manager of Auction Market Direct USA, said he was pleased with their offering but it was different than a few years ago.
“Is it the same type of care as two years ago, three years ago, no, not at all,” Triesh said. “Back then you kind of walked around our parking lot and we had cars double parked back here, triple parked, but we still have a full parking lot so we’re still blessed in our own way.”
Supply issues such as microchip shortages can make new car procurement difficult and drive up the price and demand for used cars. So can buyers count on the deals of the past?
“No, the deals of the past are kind of a thing of the past,” said Randy Cavender, owner of Randy Cavender Motorcars.
Cavender said the used car, which he now sells for about $10,000, might have cost $8,000 two years ago.
“The used values are so high that you almost want to slip into the new ones because the margins are very tight,” he said. “You pay the same amount for a late, late used model as for a new model. It could be just a few thousand dollars difference. That’s how high the demand for used products is.”
Even new cars can be expensive. According to a Kelly Blue Book report, non-luxury car buyers paid an average of $872 over sticker price in April, and the average luxury car buyer paid $1,865 over sticker price.
Both dealerships do not offer Memorial Day offers. One piece of advice both dealers have for buyers is: if you see a car you like, act fast or it’ll be gone.
“There just aren’t a lot of cars on the market right now, so it’s definitely like the housing market – you have to grab what’s out there as soon as possible,” Triesh said.
Early learned the lesson firsthand.
“Actually, I looked at one online, came here to test this particular one, and it was gone,” Earley said.
Cavender said now is also a good time to sell an extra car that you own but may not need.
https://www.cbs17.com/news/local-news/wake-county-news/amid-tight-supply-memorial-day-car-bargains-are-a-thing-of-the-past-nc-auto-dealers-say/ Amid the tight supply, Memorial Day auto bargains are a thing of the past, NC auto dealers say