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Dealerships struggle with inventory, used car values rise

TULSA, Okla. — While car dealerships are having trouble getting new cars, used car dealerships are also having trouble buying used cars.

“We have a limited number of cars at the moment. It is just that there is not cars out there to buy right now,” says Shi Speaks with Global Car Sales. “There could be 40-50 cars on the lot right now. We have 10 because there is not the inventory,” Speaks says.

Speaks says you can get top dollar if you sell your used car right now.

“It is a sellers’ market. If you are looking to trade your car in, now is the you will get your best money for it,” Speaks explains.

FOX 23 spoke with several people on Facebook Marketplace who are trying to take advantage of the market. Speaks says even if you get more money for your used car you will likely have to pay more for your next car new or used.

Speaks says they sold a 2012 King Ranch Ford F150 for nearly $20 thousand. She said normally it would have gone for about $15 thousand. She says they also bought a motorcycle from someone who sold it to them for $2 thousand than what they paid for it originally.

“The value of cars has gone way up. The second the pandemic hit the value went up 20 percent especially in trucks. Trucks are crazy they are hard to come by,” she says.

She says she doesn’t know when the market will return to normal. It all depends on the supply chain and the micro-chip shortage.

“I have never seen it that crazy before,” Speaks said.

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