GRAND JUNCTION, Colo. (KKCO) – Interest rates are dropping and sales are increasing.
Local car dealerships say that many people have started buying vehicles since federal interest rates dropped.
“In the month of December, after the election, we had seen a massive shift in the […] incentivization for people to come by vehicles,” Devin Weatherly, Sales Assocaite for Grand Valley Auto, said. “We are seeing interest rates drop and prices are going down more and more.”
According to Weatherly, this has been the best time to buy a car since the coronavirus pandemic. He predicts that the prices are going to get better throughout the next year and that prices may drop to what they used to be.
“Inventory is everywhere. The prices are great, the interest rates are great. Banks are lending to people left and right,” Weatherly said. He foresees the car business to continue to have good rates, but there is no way to truly be able to tell what will happen in the market.
Vehicles are a necessity for many people, so they never stopped selling when the market was high. However, there is a large increase of customers in the market since it has become more affordable.
“We definitely see more business coming from not only this valley but our local surrounding areas,” Weatherly said. People shopping from cars are traveling from Rifle, Montrose, Delta, Aspen, Vail and areas nearby searching for a vehicle they can afford and enjoy.
Grand Valley Auto has interest rates as low as 4.5%. However, interest rates vary for each customer. According to the Associated Press, The Federal Reserve cut its key interest rate December 18th by a quarter-point.
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