A survey revealed that desperate Louisiana residents spend an extra $18,096 to secure the car models they want.  - Lupervator

A survey revealed that desperate Louisiana residents spend an extra $18,096 to secure the car models they want. – Lupervator

A survey revealed that desperate Louisiana residents spend an extra $18,096 to secure the car models they want.

Published at 7:41 am on Wednesday, September 21, 2022

  • Limited inventory means that car buyers have to make major concessions.
  • The survey revealed that 3 out of 4 Louisiana bought cars they actually didn’t like.
  • infographic Survey results appear across the country.

As many Americans are aware, the price of just about everything, including vehicles, has gone up over the past year. In fact, 2021 saw the largest 12-month increase for cars in CPI history, and prices continued to rise in 2022. While the market boom was significant for car groups, potential buyers found themselves in the uncomfortable position of having to compromise on their purchases – Either having to travel out of state to find the one they were looking for, paying more than they initially budgeted, or accepting that they had to settle for a make and model they didn’t want in the first place.

Figures from a survey of 3,361 car owners commissioned by Quantrell Car Collection It seems to confirm that auto consumers are faced with either having to spend more; travel or settlement. First, the survey revealed that 3 out of 4 (75%) car owners in Louisiana They reluctantly bought models that they initially did not plan to acquire. Those Louisians who aren’t ready to compromise and stick to their preferred option say they’re willing to spend 38% above the MSRP (manufacturer’s suggested retail price) for their car. Given that the average price of a new car in America sold for $48,043 in 2022 (the highest price ever, and the first time it topped $48,000), that means consumers are willing to spend a whopping $18,096. dollars to secure their dream car.

When these numbers were broken down by states, Alaska had the highest number of car owners who admitted to driving cars they didn’t initially want in the first place (80%). By comparison, that number was only 11% in New Mexico, where people seem to be more measured when it comes to their car choices.

A graph showing the results of survey numbers across America

If you’re experiencing buyer’s remorse after buying a car and feel the only way to mitigate it is to return the car, you can rest assured that this isn’t an impossible task, according to experts at Quantrell Car Collection. Of course, you can’t return a car to the store as you would a shirt or pair of shoes, but it is possible to exchange it for another car if you are not happy. Here are 3 tips they gave that can help you if you are looking to trade in your car for a different one:

1. Understand what factors can affect the swap value of your vehicle.

When you run miles on your car, it’s likely to suffer minor damage, such as chips or scratches. These damages will cause the trade-in value to decrease, so it is important to be mindful of your driving habits.

2. Wait for the consumption to slow down before trading in your car.

Consumption is a factor that unfortunately cannot be stopped. However, it’s a good idea to wait about three years until you own your car, as the vehicle’s depreciation rate tends to slow. For many cars, after the three-year mark, you’ll have a better chance of getting back the most value when you trade them in. However, if you do it too soon, you may lose more money, and if you do it too long after the three-year mark, you may lose due to accumulating more miles on the car.

3. Conduct sufficient research on the prices of used cars of similar nature.

Make sure you know what’s happening in the auto market if you’re looking to trade your car. This will ensure that the value you gain back on the vehicle is maximized and not undervalued. Brentley Jones of the Quantrell Auto Group says:Across the United States, and even in our hometown of Lexington, merchants have charged customers who come from out of state, pay full list prices with cash and don’t fund, or come without barter. In our agency, we do not believe in such brands. We are committed to creating a journey that fits their lifestyle for every customer at a competitive price that reflects their budget. Also, consider what type of vehicle you want next and be sure it will be a worthwhile trade-off.

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