WEST PALM BEACH, Fla. — High demand and low supply have dominated the car sales market for more than a year — significantly marking up prices.
However, the industry may be at a turning point, and there are a few things buyers can do to save some money.
Getting a new car was a necessity for Leslieann Feliciano but the stress of shopping for one kept her out of the dealerships.
"I feel like every time I go, they try to hustle you and suck every dollar out of you," Feliciano said.
She was concerned about high prices, but the latest Consumer Price Index report shows new car prices dropped by 1% last month while used car prices fell 2.5%.
Experts predict used car prices will continue to drop, but higher interest rates may still drive consumers to newer cars, which can usually land buyers lower rates.
John Giasullo, who sells used cars at his dealership Classic Cars of Palm Beach, said new car inventory is improving, but there are still some manufacturers that haven't kept up — and then there are the dealer fees.
"I have received a number of complaints from consumers," consumer protection attorney Joshua Feygin said.
One car sales contract showed a doc fee of almost $1,000.
Feygin said he's also seen extended service fees added to the purchase, racking up a car sales contract from a few hundred dollars to several thousand.
"I sometimes wonder how customers put up with that," Giasullo said. "You shake hands at a certain price and then you go inside, and it's $1,000, $1,500, $2,000 more."
Giasullo said it's important for car buyers to shop around.
Feliciano found success going to a private auto consultant.
At the end of the day, Feygin said to find the deal that works for you.
"If you don't feel comfortable with a transaction, just simply get up and walk away," Feygin said.
The dealership is required to disclose every fee to you before you buy.
It's up to the buyer to go through the sales contract and ask about every fee and ask to remove unnecessary fees. But consumer protection attorneys said if you're financing with the dealership, they can charge you any fee they want.
