Even budget cars like the Mitsubishi Mirage are getting marked up like crazy.
With the semiconductor chip crisis still causing major supply issues nationwide, new car inventories are lower than ever in dealers across America. With demand vastly outstripping supply, we've seen dealers take advantage of the situation and charge extortionate markups for popular models like the Ford Mustang Mach-E, Ford Bronco, and Kia Telluride.
This, however, is one of the most outrageous dealer markups we've seen yet. With a modest MSRP of just $14,295, the Mitsubishi Mirage is one of the most affordable new cars in America. But not anymore.
As shared in a tweet by High Mileage's Adam Barrera, Ole Ben Franklin Motors, a car dealership based in Tennessee, is charging $24,260 for a brand new 2021 Mitsubishi Mirage. The spec Barrera received a quote for has an MSRP of $18,265, but the "market-adjusted value" has increased the list price by a whopping $5,595, bringing the total to $24,260. The markup is around a third of the car's original MSRP.
At a time when many people are facing financial hardship, charging a high markup for a budget car like the Mitsubishi Mirage is shameful. Currently, Ole Ben Franklin Motors has 35 Mirages for sale, but no markups have been applied so you might be in for a nasty shock.
For $24,260, you'll get a 1.2-liter three-cylinder engine producing 76 hp and 74 lb-ft of torque, paired with either a five-speed manual or a CVT automatic. Unfortunately, the used car market isn't much better right now. With new car inventories low, demand for used cars in America is higher than ever before.
According to the US Bureau of Labor Statistics, the average price of used cars and trucks increased by 10.5 percent between May and June, the largest monthly increase ever recorded. In the last 12 months, used car prices increased by a whopping 42.5 percent.