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By Julia Rothman and Shaina Feinberg
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The sale of used cars soared during the pandemic as supply chain disruptions made new cars scarce. Now, as the prices of used vehicles finally drop, the auto industry is poised for another twist.
Demand for electric vehicles is growing, as people grapple with high gas prices and the Biden administration offers fresh incentives. Amr Youssef, 47, who owns a used car dealership in Jersey City, N.J., says it’s hard to predict what’s coming next.
“There are many factors that will play into the car market in the next year — people’s income, inflation, new car manufacturing, gas prices, will China invade Taiwan? Every one of them will drive it in a different direction.”
“I just did renovations in my lot so we can add charging stations so people can charge their cars and to sell electric cars.”
“I’m happy there’s electric cars, but there’s a very big problem with them — after 10 years when the battery is dead, they don’t know what to do with it. So you’re helping the environment with the gas, but you still don’t know what you’re going to do with the battery when you replace it. I don’t think they’re going to kill the regular car business.”
“I’m getting a Tesla in October. My kids like it. And I think it’s a good thing to have — I drive a lot, so I use a lot of gas. I reserved it six months ago and the price has gone up since then. When I get the car, it’s going to be worth even more. This is how I look at it: If I drive it for two months and I don’t like it, I can sell it here and still break even.”
“I thought I’d have to worry about inventory and how to bring customers in. I didn’t think I’d have to deal with all of these things that happened during the pandemic. In business, you have to change your model. You have to pivot. This is your job as a business owner — to know where the market is going and constantly pivot.”
“For two and a half years, people were cash rich. But they’re not anymore. The prices have gone down now, but not like they were before Covid. I want the cars to go back to regular prices. I’ll have more customers coming in the door and they’ll have more options within their budget.”
“I want my customers to be happy. I want them to come back. But you can’t satisfy everyone. There’s a saying: ‘If you want to make everyone happy, sell ice cream.’ I’m not selling ice cream.”
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