Lexington-Fayette

Impact of interest rates on car sales – Lexington-Fayette, Kentucky

Lexington-Fayette, Kentucky 2022-06-28 17:24:44 –

Lexington, Kentucky (LEX 18) —Some realtors have seen customers become a little reluctant to buy homes since the Federal Reserve raised interest rates, but the car sales industry has the same problem. I haven’t experienced it.

Prior to the rate hike earlier this month, Lexington’s Paul Millerford sold an average of 10 to 15 new and used cars daily, a number that has been fairly strong in the last few days and weeks.

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Mark Collier, General Manager of Paul Mirrorford, said: ..

On the other side of New Circle Road, GM, Lexus’s Blake Carlson of Lexuston said much of the same thing.

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“We have a lot of support from Lexus in Lexuston,” Carlson said. His dealer said the mortgage could be taken at a lower rate than the current rate because the rate hike was previously implemented. this month.

If you’re looking for it, this is actually a good time to buy a new car, as both Collier and Carlson may be far more valuable than you can imagine what you’re driving now. I believe that.

“Because of the low inventory of new cars, the price of current cars has risen, allowing buyers to win more deals than ever before,” says Carlson.

The difference may work to eliminate the increase in payments that could be caused by slightly higher interest rates.

“That extra little in your trade, or a lot of extra at this point, will offset any rise in interest rates you might see,” Collier added.

Both general managers also agree that the Federal Reserve may not yet be in place with us and may work on more than a quarter point in the future. Needless to say, the value of current vehicles can be slightly reduced.

“It’s definitely a difficult time to buy a lot of things now. I don’t know if a car will fall into that category,” Carlson said.

Collier said waiting if you need a new car may be a disappointing choice just a few months from now.



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