Car shopping this holiday weekend? here’s what you should know

You’ll pay more for your new car, but you’ll also get more for your old car.

EDEN PRAIRIE, Minn. – Labor Day weekend is usually a busy time for car dealers, but with a chip shortage you’ll have a harder time finding deals, or cars for that matter.

Cars don’t last very long at Midwest Auto Sales in Eden Prairie.

“We are turning over our inventory faster than ever before,” says inventory buyer Rick Fohrman.

The company specializes in use, and that’s what everyone wants these days.

“There are definitely fewer new cars on dealer lots across the country, actually globally,” Fohrman says.

Competition for used cars has increased significantly in recent months.

With low inventory of new cars, many dealers are now looking to fill their lots with used cars.

Fohrman says rental car companies are getting involved, too.

“They have fewer cars in stock, so they are buying used cars of late to add to their rental fleet,” Fohrman says.

So, if you go car shopping this holiday weekend, Fohrman says you might be surprised when you find out how much your used vehicle is worth.

“This will help offset the higher price they pay for their new car,” Fohrman says.

“You are not going to see the kind of discounts on new cars that we have traditionally seen. There is less discount and less push to get rid of the stock, because there isn’t much stock to sell.

Scott Lambert with the Minnesota Automobile Dealers Association says this Labor Day weekend will certainly look different than in years past.

“I don’t see a lot of local dealership ads right now, probably because they don’t need it,” Lambert says.

But he says there are still cars out there if you shop.

“If you don’t see it a lot, don’t despair. Dealers often shop other dealerships. It’s very common in business and they may be able to find what they’re looking for,” says Lambert.

And if you can’t find what you’re looking for, Fohrman says to try not to get bogged down in the madness of this scarcity and make a decision you’ll regret later.

“Definitely don’t panic. Don’t panic. Definitely don’t buy something you don’t want and don’t let anyone rush your process,” says Fohrman.

The Minnesota Automobile Dealers Association says inventories of new cars are likely to remain low for several months.

They don’t expect it to pick up until this winter at the earliest.

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