Looking for a new or used vehicle? Jeff Drennen breaks down today's trends
COSHOCTON − Locals are particular on what they want when it comes to buying a new or used vehicle, and a decrease in inventory has led to options being harder to find.
Jeff Drennen said the COVID-19 pandemic led to manufacturers increasing their sticker prices and they've been stingier with rebates. This leads to less people buying new cars and more looking at used cars. However, less trade-ins means their pre-owned inventory is down. This is leading Drennen to pursue being a car buyer, whether someone purchases a new vehicle from him or not.
Jeff Drennen Chrysler Dodge Jeep Ram on Otsego Avenue has been in Coshocton for 20 years. Jeff Drennen Ford on South Second Street came along nine years ago. There are 40 employees between the two lots, and Drennen also has a dealership in Zanesville with 55 employees.
Drennen said both lots are doing OK, but sales aren't as high as some past years. He said lots all across the region are experiencing the same issues due to some key factors. This includes lack of inventory and rebates and higher interest rates.
"Overall the industry as a whole has been off," Drennen said. "Inventory levels with the right mix has been a little challenging. When that happens it slows your new car volume, so the used car market raises and volume dips on that as well. It's been the inventory piece and the raise in interest rates hasn't helped us."
When is the best time to buy?
Drennen said the perceived wisdom is the end of the year is the best time to buy a new vehicle.
"We get pretty aggressive with pricing at year-end, trying to get our inventory down with the current model year for the new ones that are coming in. And, from an owner's perspective, you don't want to pay taxes on the previous year vehicles," he said.
Drennen said March is usually their busiest time. Part of that is because people are getting income tax refunds and part of it is folks itching for something new after the cold, bleak winter.
What are buyers looking for?
No matter the company, Drennen said smaller SUVs and crossovers are popular. But, the price point has to be there, from about $15,000 to $25,000.
"Our customers that come out of cars, sedans, into a small sport utility or a crossover vehicle, they don't go back. We're seeing that more and more," Drennen added.
When it comes to colors, flashy reds and blues are out. Salesman Adam Mills said flat, dull colors are popular in shades of gray, black and white.
When it comes to options, Mills said navigation used to be big, but now most people use their phones. And items like power locks and windows, cruise control and backing camera are common.
"You can't really get a base vehicle anymore. Most of them come fairly equipped," Mills said.
Buying used versus new
Drennen said they have more customers buying uses cars, mainly because it's cheaper. Third party online buyers are trendy right now and he is exploring that market more. He said they're paying above Blue Book value and Mills said there hasn't been a deal they've not been able to make yet.
"If you're not interested in buying from us, we're still interested in buying from you. We've had some success. And, we're paying people for their car, we're not stealing anything. For the right one, we're stepping up and paying for it," Drennen said. "We're going to become a car buying center and not just a new car dealership selling cars."
Vehicles are inspected and any needed work will be done. Drennen said they have to weigh cost of any repairs to what they think they can sell it for.
"We don't sell junk. We can't sell cars we can't stand behind," Drennen said.
Drennen knows some people believe they have to leave Coshocton to get a good deal or find what they're looking for. He hopes the stay local and buy local trend continues as doing so helps the community in several ways. This includes the dealerships making local charitable contributions and providing jobs from salesmen to mechanics.
"We've been here. We have a good reputation. We do business the right way," Drennen said. "We like to think when you buy from us, you're in our family and we want to take care of you for life."
Leonard Hayhurst is a community content coordinator and general news reporter for the Coshocton Tribune with more than 15 years of local journalism experience and multiple awards from the Ohio Associated Press. He can be reached at 740-295-3417 or llhayhur@coshoctontribune.com. Follow him on X (formerly Twitter) at @llhayhurst.
This article originally appeared on Coshocton Tribune: What to know when shopping for a vehicle in today's market
