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Used car values rise as new car supply drops

Posted at 4:50 PM, May 13, 2021
and last updated 2021-05-14 13:47:48-04

BRAZOS COUNTY, TX — The lack of computer parts is limiting the supply of new cars, putting your used car at a high value than it's ever been before.

Taking a trip to the dealership is always a process- but it just got better for people looking to trade their old ride.

"We've just seen absolutely skyrocketing prices for pre-owned vehicles so if you own a pre-owned car and you want to trade, right now is the best time ever to get rid of it," Jaco Vandermerwe, General manager, BMW of College Station

"We have seen the value of used cars go up in some cases as much as 50 percent in the last 12 months," Michael Rentfro, Ford of College Station said.

And these raising values don't discriminate against the age of the car.

"I've seen even 10-year-old used cars bringing more money right now than they did three, four years ago," Vandermerwe said.

The reason dealerships have a record-low supply of new cars is because of a lack of computer parts for the cars. It's another repercussion from the slowdown during the pandemic.

College Station Ford says it's is seeing an especially low supply of trucks.

"That person looking for a truck, the inventory is so slim, you find something you like, you better buy it," Rentfro said.

The sales department isn't the only one feeling the drop in supply. The service department is also experiencing a shortage of tools.

"We've got brackets that are an issue, a-pims. All these parts that are kind of running shortage so wait times are much longer than we traditionally like them to be," Rentfro said.

Fortunately, the local Ford dealership says customers have been understanding and patient.

If you are interested in trading in your vehicle, dealerships say it's still safe to consider buying a new car.