COLLEGE STATION, Texas — Whether it's used or brand new, a method of transportation is a need for everyone. However, the federal reserve has had their hands full keeping costs down for all Americans, making big-ticket purchases like cars a financially tough sell.
Here in the Bryan-College Station area, a local car salesman sat down to discuss how things are turning around as the economy shifts back to normal. You're probably familiar with the brand Nissans, but if you live in the Brazos Valley you should be familiar with car salesman Justin Johnson, who has been at College Station Nissan for two years now.
Johnson explained how COVID impacted the auto industry early on with supply shortages, but things have now recovered.
"It's actually progressing going back to what it used to be, interest rates are coming back down, inventory is plentiful now so we have not only new cars but used cars as well," he said.
Several people recommend and have Johnson as their go-to person as someone who can work with anyone's financial history to get the car of their dreams this year.
"People come to me all the time because they trust me, and I'm a good person and I'm gonna be honest with him and treat 'em like family," said Johnson.
Johnson's extensive clientele is proof of his achievements. Additionally, he considers himself lucky, as College Station Nissan's lot was never completely emptied of new and used cars.
They, like many other dealerships however, did find themselves low on inventory in the past.
Right now, the federal reserve rate is 4.5%. This matters because it refers to what financial institutions pay to borrowers. That number in turn that trickles down to the interest rate you as the consumer pay.
Johnson also encourages people to set a budget that works for them and to not fall victim to common misconceptions of buying a car.
"I have a lot of customers looking for my help and I would love to help them but with no money down it makes it to where the banks aren't gonna give them a loan," he said.
It's not as difficult as you think. But is it nerve wrecking? Absolutely.
However, Johnson is willing to work with clients that have a wide variety of financial histories regardless of if you're looking to purchase a new or used car.
"Then from the conversations we've had we're gonna come inside and look to purchase that vehicle, it's simple," he said.