Car dealer discusses auto sales, interest rates

Published: Dec. 2, 2022 at 2:26 PM CST|Updated: Dec. 3, 2022 at 5:34 PM CST
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MONTGOMERY, Ala. (WSFA) - New and used vehicle prices have been up since the beginning of the pandemic in 2020.

“You had the microchip shortage, which slowed down new cars,” said Erick Wicklund, general manager of Brewbaker Motors.

The chip shortage made vehicles limited and expensive.

Even with good credit, interest rates are at least 4% because of inflation, meaning owners would pay an additional $80 for each car payment.

“Trade-in values are good, so that’s going to help you,” said Wicklund.

Wicklund says if you have reasonably good credit and trade in a vehicle, you can lower your interest rate to at least 2.9%.

Top 10 models retaining the greatest value are:

  • Jeep Wrangler
  • Jeep Wrangler Unlimited
  • Porsche 911
  • Toyota Tacoma
  • Honda Civic
  • Subaru BRZ
  • Ford Mustang
  • Toyota Corolla
  • Nissan Versa
  • Chevrolet Camaro

If you’re buying a vehicle anytime soon, Wicklund says the best time to buy a new or used vehicle year-round is the week after Christmas.

And as for the car industry in 2023, Wicklund says he thinks it will change.

“I think new cars will be around $15 million. They call it the SAAR, the seasonally annual adjusted rate of sales, probably be around the same. Again, gas mileage cars, EVs, probably do well,” said Wicklund.

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