According to a report by CoPilot, a car shopping app, as of last June, average used car prices were up to an all-time high of $33,341, that’s $10,046 above normal levels. It represents a whooping 43 percent rise.
Lauren Tancock, 34, works in the scholarship office at UAB. Her husband works in IT and is studying for a graduate degree. In 2021, a tornado destroyed their homes and two cars in Fultondale. They had a toddler at home and needed to replace their vehicles quickly, but the timing was unlucky for them.In 2020 Tancock purchased a used Black, 2019 Nissan Rogue for $13,000. After the tornado, she wanted to replace it but couldn’t find many options.
Molly Britain is a social worker at ELI Thrive, a social services group that helps people in the Eastlake neighborhood of Birmingham work on their budgeting skills. She said that, as the used car market became tighter, her clients were subjected to more predatory lending, as they were forced to pay higher and higher interest rates and sale prices for cars. Buyers have little negotiating power, especially if their credit is bad.
“When they say, ‘We’re putting you on night shift, then you’ve got a transportation problem. If you can’t get to the job, then you lose the job. If you lose your job, you lose your housing. If you lose your housing, you’re getting back to where you were when you came to us,” Colson said.The Eastlake residents Britain works with usually have jobs in fast food or at gas stations. Their work is far from where they live and not very accessible by bus.
“I have noticed a lot more hardship being able to afford any car. They’re having to think about it once, twice, three times before pulling the trigger,” he said.
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