St. Louis, Missouri 2021-12-08 23:30:00 –
NS. LOUIS (KMOV.com)-The automotive industry is facing an unprecedented supply-demand crisis as used car prices soar by nearly 30%.
Brad Soise, president and owner of Jim Butler Group, said he hadn’t seen anything like this in the industry for 18 years.
“I have never seen such an increase,” Sower said. “It’s completely different, coupled with demand.”
Industry experts said the pandemic-related delays caused a serious shortage in the production of microchips needed for new automotive technologies. In addition, the available new car inventory is half that before the pandemic.
“We are experiencing unprecedented vehicle demand,” says Sowers. “If we could get a car, we would be able to sell three times as many cars as we have.”
Many people are attracted to used cars because of the shortage of new cars, Soise said.
“These values remain fairly high, with no significant decline in values,” he said.
In fact, dealers are anxious for inventory, Sowers said trade-in prices for recently purchased cars are historically high.
“They were able to trade in the car today for the same value they paid two years ago,” he said.
Jake Zimmerman, a councilor in St. Louis County, said the value of both new and used cars is likely to result in slightly higher property tax charges this year.
“There are more used cars that are actually more valuable than last year,” he said.
According to Zimmerman, vehicle ratings are based on the National Automobile Dealers Association (NADA). The law then determines the actual tax rate. Currently, it’s about 10 percent in St. Louis County.
Zimmerman’s office then charges taxpayers 33% of the NADA value for similar vehicles in the open market.
“When I see my rating go up this year, it means that car dealers are looking at the same thing. Looking at the same blue book, the same NADA value, they say your car is more valuable than before Don’t let me know that there is someone involved in a terrible deal. “
In addition, when you receive your tax return, double-check that the correct information for your vehicle is registered in the assessor’s office. If not, call 314-615-4981 immediately.
Local used car prices soar 30%, experts say now is time to trade in | St. Louis News Headlines Source link Local used car prices soar 30%, experts say now is time to trade in | St. Louis News Headlines