HARRISBURG, Pa. — Used cars could soon become more affordable in Central Pennsylvania.
Over the past year, the price for a used car increased by 10.9% between July 2021 and July 2022, according to the car listing website iSeeCars.com.
However, local dealerships say they are seeing signs that prices are stabilizing.
“Things are definitely looking much better now than what they were a year ago at this time,” Joe Khori said, the General Manager for Auto First. He attributes the rise of used car prices to supply shortages.
Khori says the industry is starting to balance out as more used cars enter the market.
“Prices come down when there’s more availability. It’s supply and demand," Khori explained. "A mix of more new cars people are trading in, putting more used cars on the market, lease turn-ins, just those two main factors.”
Khori says a cooling used car market is a welcome sign for all car dealerships after dealing with a rough two-year stretch caused by the pandemic.
“They aren’t going to be like they were pre-pandemic," Khori said. "But compared to a year ago, I think things have stabilized a little bit more.”
He says stabilized prices will be a win-win situation for both customers and dealers.
“It’s good across the board," Khori said. "It’s good for us, it’s good for the consumer, it just helps everyone.”
The average price for a used car is $33,163 in Pennsylvania, according to iSeeCars.com.