VIRGINIA BEACH, Va. — Drivers know the cost of driving isn't just gas, it's also purchasing a car and getting insurance. High cost is one reason some say teens are waiting longer to get their driver's licenses, but it's also a reason some drivers are heading to repair shops more frequently.
Many Hampton Roads residents want to find the best way to get from point A to B and are in the market for a car.
"I'm looking at buying a used truck, something that can tow my boat," said Greg Gaston, Virginia Beach.
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Why are more teens putting off getting a driver's license in Virginia?
The first decision is often new or used.
"For me it's affordability. I think I could find a used car a that's a lot more affordable," said Gaston.
But some people say it's harder than ever to find an affordable car.
"It's very painful to go onto a car lot today and realize that you may be paying 40-, 60-, 80,000 for a new vehicle," said Bob McNab, professor of economics at ODU.
McNab said the steep cost of new cars is a hangover from supply chain issues in the pandemic.
"If you remember, there was a chip shortage from the pandemic. That meant fewer chips, which are needed for cars, so fewer cars arriving on lots. Supply chains have pretty much taken care of that problem, but the hangover is the prices of new cars are markedly higher," said McNab.
He added new car cost has had a ripple effect.
"You may just go, 'I need a used car,' and you're joining a lot of people who reached the same conclusion," said McNab.
Beach Auto Sales in Virginia Beach is reporting normal sales, but dealers said they have to find ways to meet buyers where they're at.
"We're still selling cars like it would be normal, but it's a little more hoops to jump through," said Tre Ore, general manager for Beach Auto Sales.
Ore showed News 3 his lot of used cars that were priced under $10,000, which is lower than the national average for used car prices.
Nationally, average used car prices are up 47.7% since 2019 and the share of used cars in the market decreased from 49.3% to 12.4%, according to a research from ISeeCars.com.
Hampton Roads is doing better than average, according to the same data. 15% of used cars in Hampton Roads are priced under $20,000 this year, which ranks in iSeeCars' top 10 most affordable used car markets.
Still, some said the cost impacts consumer priorities in one main area: maintenance.
"I do keep my cars generally ten years. I keep up on the maintenance, but I do a lot of the work myself," said Gaston.
"I've actually seen an increase in people wanting to get their cars fixed instead of buying new cars. Because of inflation and prices going up and everything, it's cheaper to fix what you already have," said Cody Bird, shop manager for Beach Auto Repair.
Bird added if you want to keep your car running for a long time it's a good idea to pay attention to your regular maintenance.
"If you look at your owners manual for your vehicle it shows you what mileage and what maintenance to do for that mileage," said Bird.
Ore added, if you're in the market for a car, don't be afraid to shop around for the right one for your budget.
"And don't be afraid to ask us questions. More questions you ask the better off you are," said Ore.
Economists added that we can expect a year of economic growth in Hampton Roads, but eventually increased interest rates will lower demand for cars.
