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What to expect when looking for a new ride

SYRACUSE, N.Y. (WSYR-TV) — Trying to find a new ride isn’t easy, with inflation driving up prices across the board.

When it comes to finding a new car, the ride can be far from smooth.

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“Price is always a concern with the consumer. I’ve done this 40 years. 40 years ago it was a concern. Today it’s a concern,” said Robert Guarente, General Manager of Matthews Hyundai of Syracuse.

But rates seem to be turning around. Just recently, the average price of a new car fell to $47,550. That’s a 2.6 percent drop compared to the same time last year.

“The reason for that is the manufacturers are now putting incentives out to create a lower payment or selling price, or buying price for the customer,” said Guarente.

Prices also seem to be trending downward for pre-owned vehicles.

“The average used car price right now is $26,000, that’s in a three-year-old vehicle. That’s down 10 percent from this time last year. So as that market is dropping, again, a lot of that has to do with the incentives that the manufacturers are reacting to, to make the new ones more affordable for the consumer.,” said Guarente.

But Matthews Hyundai of Syracuse says leasing will always be less expensive than buying.

“You can traditionally get more vehicle, less money down, and less payment. And by the time you do finance a vehicle for 72 months on a purchase you can actually lease two new ones in that time period,” said Guarente.

There are also more choices, compared to last year. Matthews Hyundai says 10 to 15 vehicles are dropped off every day, filling up the dealership lot.

“We had post-COVID issues and a lot of that was supply issues, with chips and wiring, that has been corrected with the Hyundai franchise and through most of the franchises, with over 200 units on the ground and in stock and another 200 on the way. We haven’t seen those numbers since pre-covid,” said Guarente.

The dealership also says prices have leveled off and doesn’t expect costs to increase.

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