Car dealers discuss current market for buying, selling in Blacksburg

Local News

BLACKSBURG, Va. (WFXR) — Customer experience representatives at Hokie Honda say typically a lot of car buyers are looking for used cars but the price has skyrocketed — in part, due to the national computer chip shortage. One Blacksburg dealership is commenting on how difficult the car business is right now because he and many other dealerships are having problems keeping their sales floor stocked.

Gary Duncan, the owner of Duncan Automotive Network — including Duncan Imports, Hokie Honda, Duncan Hyundai, and many other dealerships throughout southwest Virginia — knows a thing or two about cars. His family has over a 60 year legacy in the car business.

Duncan says that those who want to sell used cars may want to do so now.

“Certainly it’s a great time, if the customer is going to trade they’ll get more value out of the car in some cases we pay more for a year or two [year-old] car than what the customer actually paid for it,” said Duncan.

Because of the pandemic, Duncan says many are looking to spend money.

Bud Merrill, the Guest Experience Manager for Hokie Honda, explained the CR-V is one of their best-selling vehicles, but currently they don’t have much to work with.

“This time of year we would have anywhere from 55 to 60 of these in stock. Right now, I’ve got five,” said Merrill.

However, they are not without cars to sell. New cars are just selling faster than they are receiving them.

Duncan tells WFXR News that if you are looking to buy or sell a used car, do plenty of research before heading to your local dealership. In some cases, vehicles are being sold well over the suggested price.

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