“It has really been strange in terms of the interactions I’m having with customers,” Tambasco said. “Usually you get a lot of people who just want to look around, might not really know what they want. During (the last couple months) the whole shopping experience kind of changed. Everyone knew what they wanted, they had done their research.”
Tambasco also noted that in June more buyers could put more money down upfront for their used car, but that hasn’t been the case as the summer has gone on.
“It’s insane. To me its inexplicable,” Val Ranguelov, the principal dealer at Bul Auto Sales & Service which has seen a 50 percent increase in used car sales, said. “It’s totally the opposite effect a pandemic should have had on the situation.”
Bul Auto usually stocks 80 to 90 cars, but currently they only have 55 cars, Ranguelov said.
Mark Schirmer, public relations director at Cox Auto Inc., who represents Kelly Blue Book, believes this trend is not as surprising as people might think.
“Used cars sales typically do better in times of economic hardship,” Schirmer wrote in an email. “Historically, they drop less and recover more quickly than new car sales. In this case, the drop was similar to new at the depth of the pandemic, but the recovery has been much quicker. The issue now is a lack of used vehicle supply, which is driving prices higher.