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If you haven’t noticed, new and used cars are more expensive than ever. Very likely you have take note, and if you were one of those who bought a car in the last year, you may have changed your attack plan to make it happen. On that front, it seems you are not alone.
Vehicle buyers, be they new or used, travel further than ever before to make a purchase. Automotive News cites research from multiple sources outlining how the car buying landscape is changing amid the enduring COVID-19 pandemic and global supply chain shortages. A Subaru dealer in Kentucky surveyed 2,690 shoppers from across the United States and found buyers willing to travel an average of 469 miles to make a purchase. In fact, Automotive News mentions a buyer who flew to a Kentucky dealership from Colorado to buy a used Outback, 1,400 miles from home.
This new data is supported by an old survey from mobil.com conducted in June 2021. At the time, vehicle scarcity and higher prices were just starting, but the study still found 10 percent of car buyers traveled overseas to purchase. 52 percent traveled at least 25 miles to find the right vehicle, while 13 percent drove at least 250 miles.
Surprisingly, it seems that record high fuel prices have not discouraged buyers from driving long distances to avoid record high vehicle prices. According to AAA, the median price for a gallon of gasoline in the United States was $4.95 as of June 22. That’s slightly off an earlier high above $5.00, with a slight drop in demand and lower oil prices suggesting that fuel costs may continue to rise. fall down.
As for vehicles, the latest report from iSeeCars.com shows year-on-year sticker prices for used cars rose 16.9 percent in May. However, on a monthly basis it was down from 23.9 percent in April, and this is the fourth month in a row in which there has been a decline.
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