MACON, Ga. — Whether it's gas, groceries, or anything else, prices are up across the board. That includes the price of used cars, which has steadily gone over the last year.
Experts say now is the time to sell instead of buy.
"We try to put the most money in the trades because we need their trades," said Riverside Ford sales manager Nathan Quinn.
"It's still actually a good time if you have a used car to sell it. Dealerships are paying top dollars for cars and you can also find good deals selling it yourself," said Greg George, the director of Middle Georgia State University's Center for Economic Analysis.
The price for used cars has jumped 40% from Jan. 2021 to Jan. 2022, according to the U.S. Bureau of Labor statistics. The demand for these used vehicles is up because of supply problems in delivery of new cars as well as a shortage of electronic chips that run most cars.
"Supply and demand... that vehicle may be $5,000 over sticker now, instead of $44,000 you may be paying over $50,000 for that vehicle," said Quinn.
"A lot of these computer chips come from Taiwan and they had a water shortage. That may be odd, a drought may mess up chip production, but the wayfaring process relies heavily on a lot of water," said George.
The price for used cars is slowly on the decline since its peak in January, so if you are looking to sell your used vehicle, experts recommend doing it soon.
Salesmen say some cars do go for more than others because there may be a shortage of a certain type of car in the market.