LUZERNE COUNTY, Pa. — The car lots are filling back up, and it's becoming a buyer's market. Dealerships like Motorworld near Wilkes-Barre are seeing the price of used car inventory dropping.
"Over the last, I would say four, five months, we've seen used car pricing dropping, not just locally, but that's a national trend as well. But it's becoming more pronounced as it goes on," said Mark Gillen, sales director at Motorworld.
Just down the street, sales managers at Valley Chevrolet are seeing the same trends. They say it's good news for buyers after supply chain issues brought an unprecedented market.
"We're finally starting to see the used car market stabilize. We're probably going to see it go back up in the future, but for right now, that's what we are starting to see," said David Grabinski, sales manager at Valley Chevrolet.
Dealerships say the economy plays a big factor in how the prices go up and down. High interest rates are helping to stabilize prices.
"The overall trend of higher interest rates, more supply being out there for used cars, so as that number dwindles, prices will come down," Gillen explained.
Dealerships tell Newswatch 16 one thing car buyers should keep in mind with used car rates coming down: Trade-in values will follow suit.
"If anybody has been looking at values online and things like that, you might start to see those adjust as well," Grabinski said.
"So, it's not that you're not going to get a good trade-in value. You're just going to get a normal trade-in value compared to how high it's been in the past," Gillen added.