Survey: 23 percent of Virginians bought a car they did not want this year

The largest 12-month cost increase for vehicles in the history of the consumer price index was in 2021.

In 2022, according to Quantrell Auto Group, prices have continued to increase.

The market surge has benefited auto groups, but put potential buyers in situations of compromising what they want, traveling out of state to find what they are looking for and paying more than what they expected.

In a survey of 3,361 car owners by Quantrell Auto Group, one in four or 23 percent of car owners in Virginia reluctantly bought a vehicle they did not want. Virginians who hold out for what they want and refuse to compromise are paying 43 percent above the manufacturer’s suggested retail price (MSRP) for their vehicle. The average new car in the United States costs $48,043 in 2022, which is the highest on record and the first time the sale price has gone above $48,000. This means that auto consumers are willing to spend $20,498 to secure a dream vehicle.

By state, Alaska has the highest number of car owners who admitted they bought vehicles they at first did not want: 80 percent. In New Mexico, just 11 percent of car owners admitted to settling for a vehicle they did not want.

Quantrell Auto Group offers three tips for anyone with buyer’s remorse.

Understand the factors that can affect the trade-in value of your vehicle, including mileage and minor cuts or scratches on the paint.

Depreciation cannot be stopped, so wait until it slows before trading in your vehicle. This means waiting about three years into ownership. If you trade in too soon, you could lose money on your vehicle investment.

Lastly, conduct sufficient research into the price of used cars similar to your vehicle. Do not undervalue what your vehicle is worth in today’s auto market.

“Across the U.S., and even in our town of Lexington, dealers have been up-charging customers who come from out of state, pay the full list price in cash and do not finance, or come without a trade-in,” Brentley Jones of Quantrell Auto Group said in a press release. “At our dealership, we don’t believe in such markups. We’re committed to finding every customer a ride that suits their lifestyle for a competitive price that reflects their budget.”