As a new and used car dealer serving drivers from the greater Philly area to the Jersey Shore in Atlantic City, we strive to keep our finger on the pulse of the industry so that we can provide our guests with accurate and up-to-date information to inform their shopping decisions. And this month, we've got some exciting news to share on the changing status of the auto market. With inventory levels rising in both the new and used car market, not to mention encouraging trends in credit availability, there's no better time to think about buying or leasing your next car than right now, and no better place to start your search than a Ciocca dealership near you!
Now, if you were shopping for a new or used car in the recent past, you probably noticed that your options were fairly limited at many dealerships around Pennsylvania. That was due in large part of logistics issues brought on by the pandemic, not to mention an ongoing semiconductor shortage that has affected the automotive industry more broadly.
As a result, many dealerships around Pennsylvania struggled to maintain inventory levels, meaning that many of the vehicles on the lot were already spoken for, and drivers would have to reserve incoming models or custom order their cars through their dealerships. Additionally, as a consequence of the shortage of new vehicles, used cars became much more highly sought after, resulting in rising prices for used cars and Certified Pre-Owned Vehicles.
Now, those issues might have proved problematic for new and used car shoppers in the past, but now they've largely abated. With automakers stepping up new vehicle deliveries, industry forecasts exceeded expectations for this past April, topping 15.9 million in sales. That's a substantial increase over April of 2022, during which inventory shortages were nearing their peak. These figures were buoyed significantly by impressive year-over-year gains from brands like Ford, General Motors, Subaru, and Honda, which you can find at Ciocca dealerships from Quakertown to Allentown and all points in between.
Of course, the availability of new vehicles means nothing if they're not available at affordable rates. Fortunately, the increased availability of new vehicles has coincided with improved auto credit availability. According to the All Loans Index, auto credit availability rose by 0.9-percent to 98.1 over Quarter 1 of this year, so if you've had trouble securing auto financing in the past, you may find that it's easier and more affordable to do so now.
But what if a brand-new model isn't the best fit for your needs? Well, you'll be happy to note that the Ciocca family of dealerships has a great selection of Certified Pre-Owned models at our dealerships from Quakertown to Williamsport, and these vehicles are also seeing a resurgence in recent months. With a 10-percent increase in year-over-year sales, Certified Pre-Owned cars, trucks, and SUVs represent a compelling value proposition with their competitive prices and additional warranty coverage.
Interested in learning more about the new and used car shopping options available to you with the Ciocca family of dealerships? Visit one of our showrooms near you today!