LAS VEGAS (KTNV) — The old car in your driveway might be worth more than its newer counterpart.
According to a study by iseecars.com, used car prices increased by 20.5% or $5,350 in April compared to last year in Las Vegas. The study shows that many lightly-used cars are more expensive than their new versions.
"I've been every where really, I tried car dealers, I tried small shops, I've tried all kinds," said Las Vegas local SJ. "Places to find them, they are really hard to find right now."
SJ was in search of a new car, but when the lots didn't have what he was looking for he came to an All In Auto Sales on Decatur Boulevard. He found what he was looking for, but there's something he noticed.
"The new prices on cars are way too high," he said.
Owner of All In Auto Sales, Arelys Galvaz, says she does her best to give customers a fair price, but says it's a challenge and often out of her control.
"In the auction there is less inventory there so everybody is bidding up the prices and unfortunately, we can't sell it for the prices we used to because people are bidding up the prices so ridiculously high," she said.
Galvaz says the global supply chain issue is causing low inventory, which then drives up the price of their used cars.
Another problem? Dealers are holding onto trade-ins.
"It's hard to compete with the bigger dealerships that are buying cars for way over the price what they usually are," she said.