KILLEEN, Texas — Some Central Texas auto dealers say the market is finally leveling off after taking a big hit during the pandemic.
According to employees at Nyle Maxwell in Killeen, now is a better time to buy a car than this time last year.
”The MSRP’s are about the same as far as what the factories are billing us,” said Managing Partner of Nyle Maxwell in Killeen, Brent Rayfield.
“Used car prices have come down probably about 12 percent, but the difference in price on a new car — you can probably get one for about $15,000 to $20,000 cheaper on a lot of the vehicles out there.”
This is a drop in prices that prospective buyers say they have noticed.
”I am actually very surprised,” said a local prospective car buyer, Marcus Chatman.
“Especially the quality of the car, the year, make, models, and prices on them. It's unbelievable.”
One factor in the price drop is going from having around 40 cars on the lot to over 300.
”Last year there weren't a lot of incentives because there wasn’t a lot of vehicles. Typically the factory will give more rebates, and the dealers will give more discounts when they have more inventory," Rayfield said.
"When you have less inventory, you have to make more money because you don’t know when the next round of vehicles is going to come in.”
Auto dealerships like Nyle Maxwell aren’t just making money off new cars or even used cars, which have both seen a significant drop in price.
They also make a lot of money in the service and parts departments, but that is one place they are still seeing some supply chain issues.
”There’s still problems. We still have parts issues because of COVID and we still have issues getting things,” said Production Manager for Nyle Maxwell in Killeen, Staci Stoffer.
“Especially the older the car and pushing the EV. They're focused on that, and it’s hard to get some of the old parts.”
Buyers may have a longer wait than expected for repairs, but for those looking the keys to a new ride — they are ready to go.
According to dealers, prices are down, inventory is up, and the market is much better for buyers than this time last year.
