'Prices Not Coming Down Anytime Soon' Auto Expert Offers Tips On Being A Savvy Vehicle Shopper

(CBS DETROIT) - Two years into the pandemic and experts say not only are new and used vehicle prices still high, they're rising.

"Initially had the pandemic that caused prices to rise because there was low inventory they we had the chip crisis that caused inventory to be very low, high demand and prices high," said Michelle Krebs Executive Analyst for Cox Automotive.

Krebs says consumers are feeling the pitch, like Joe St Henry who just leased a brand new Ram pick up.

"I am paying $100 more a month for my vehicle than I did 3 years ago with my old truck," said Joe St Henry of Oakland County.

St Henry says he did his homework before hitting the lots and knew he would pay more, he also knew exactly what he was looking for and headed out well before his lease was up, just in case he needed to shop around.

"The dealers were all very comparable in their pricing in so forth but the real challenge was finding a vehicle on their lots," St. Henry said.

He says after hitting 4 or 5 Oakland county dealerships he found one that had 4 different vehicle options to choose from. I know that sounds like a low number, because it is. Experts say he was fortunate, but that's not always the case.

"You have to be flexible in what you want you may not get all the things in a vehicle you may have to shop around by different brands because inventory depends on certain brands," Krebs said.

One local Ford Dealership tells me off camera they're offering incentives like lease extensions for up to a year. Other dealerships offering cash incentives for high-demand lease turn ins, giving the consumer the upper-hand.

"You may want to buy the vehicle then in a year or 2 if there's more inventory, sell it," said Krebs.

Experts say ask around and find the best option for you.

St. Henry says the option to buy out his lease would have cost much more than leasing.

For those in a lease looking to lease again, experts say give yourself at least a two-month head start in planning for your next vehicle because they don't see prices coming down any time soon

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