Vehicle prices could rise between 10-20% depending on how long the autoworkers strike lasts, experts say.
, grew their inventories in August in anticipation of a potential worker strike. They have about 50 to 60 days' worth of inventory on hand, according to Cox Automotive, a source of auto industry information. , a recent survey measuring dealer sentiment from Cox Automotive found.
This time a year ago, dealerships said inventory issues were the top factor holding back their businesses. This year it ranks much lower."Today, they are far more concerned about interest rates, the economy overall and vehicle affordability," Cox Automotive spokesperson Mark Schirmer told CBS MoneyWatch. 03:46Maoli, the Ford dealership owner, said if the strike continues for two weeks, he'll start to feel the pinch, and would expect to hike prices by up to 20%.
"Inventories on lots of dealerships will start drying up as they get sold and there won't be enough cars to go around," he said. Jessica Caldwell, executive director of insights at Edmunds, a source of automotive information, agrees the key to determining the strike's effects on vehicle prices will be its duration. If it endures, cars will start selling at or above their list prices, or manufacturer's suggested retail prices .
"Right now it's fairly limited, but it his hitting consumers at a time when it's been tough for a long period of time," she said. Interest rates are high and prices on used vehicles are up,"so there are not a lot of great options here," she added.
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