MCLENNAN COUNTY, Texas (KXXV) — From gas to groceries, there are signs that inflation is starting to slow — local Car dealerships are beginning to see a drop in the increase of prices. A few experts say the car market has remained steady.
- According to the U.S Bureau of Labor Statistics in June of 2021, the inflation rate was 4.5 percent — in June of this year, rates were at 3.3 percent.
- Local dealerships say the car market is steady, with prices not going up
- One reason prices aren’t as high; part availability is no longer as big of an issue as it was during the pandemic
BROADCAST TRANSCRIPT:
“The price of cars is really steady,” said Scott Giles, co-owner of Giles Motors.
According to the U.S Bureau of Labor Statistics, in June of 2021 the inflation rate was 4.5 percent.
“The used car market really suffered, and it drove the prices up — luckily we’re seeing them come down to the normal prices,” Giles said.
In June of this year, rates were at 3.3 percent. Giles says right now, the used car market has stabilized.
“The used car market is settling down,” he said.
Ted Teague with Allen Samuels Waco shares the same sentiment, saying the industry is flat.
“Interest rates have climbed a little bit although they stabilized, they haven’t went up in a while but they’re still not where they were two year ago,” Teague said.
One reason prices aren’t as high, is part availability is no longer as big of an issue as it was during the pandemic.
“The prices, I mean, they actually came down the manufacturer Solanas has reduced pricing on a lot of vehicles," Teague said.
"They had some pretty steep increases last year and the year before, just due to the economic cost of all the raw materials that going into buying vehicles."
Teague says Allen Samuels had their best sales month in the past two years in June, but he doesn’t attribute it entirely to prices — he says deals, interest rates, and their team played a huge role.
