Louisiana new and used car buyers have been facing high prices in the used car market for more than a year, partly due to high demand and low inventory.

“Uncertainty in the market, interest rates, inflation and inventory shortages have been an absolute disaster for two years,” said Corey Tarver, Lake Charles Toyota. “It hasn’t felt like a good time to shop for a car. It hasn’t felt like a good time to sell cars either.”

There is some good news for car shoppers in 2023. Despite uncertainties in the marketplace, Lake Charles Toyota and other local dealerships are getting cars in. When inventory goes up, it makes a difference.

“Now is a good time to get the vehicle you want,” Tarver said. “We have new cars; we have used cars. We might have what you want literally on the ground right now. If not, right now, chances are it’s coming in soon.”

Tarver said in addition to having more to choose from, when supply and demand level out, shoppers can get better pricing.

“We want to give you a great discount. Don’t pay over sticker price. Don’t pay sticker price,” he said.

Tarver said that Lake Charles Toyota has not built up its inventory of certain high-demand vehicles, yet.

“Car prices are definitely coming down from what they were eight or nine months ago,” said a salesperson from AutoPlex 2000. Even the National Automobile Dealer’s Association (NADA) has adjusted its pricing to reflect the decrease.”

NADA is the automotive retail industry’s primary trade association. It monitors federal legislation and regulation affecting dealerships and publishes forecasts and reports about industry trends.

“ If you’re financing, interest rates are still high. I have a good credit score and usually get financing at three percent interest,” he said. “I just financed a car for my daughter and had to pay seven percent. So the break in pricing might be offset in that way.”

Data from Edmunds shows the average price of a used car purchase in December at $29,533, down nearly $1,600 from the record high of $31,095 reached in April 2022.