It's the worst time to buy a car - but what if you have to? | Personal finance | MCUTimes

It’s the worst time to buy a car – but what if you have to? | Personal finance



The Federal Reserve estimates six to nine months before chip shortages are missing and stocks rise, so dealer lots will not be empty forever.

Philip Reed

The same thing that happened with toilet paper last year – lack and purchase of panic – is now happening with cars.

“In my 28 years in the industry, I’ve never seen anything like it,” says Oren Weintraub, president of Authority Auto, a concierge car buying service in the Los Angeles area. Lack of microchips, captured demand and a used car market that is “on fire” are raising prices and promoting a buying habit, he says.

Used cars will be expensive for a while, as the lack of new cars today means fewer used cars on the road. But chip production will increase and the demand for new cars will be saturated; The Federal Reserve estimates six to nine months before chip shortages are short and stocks rise. Dealer lots will not be empty forever.

If you are considering a new car, the smartest thing to do is to wait. Yet many may be jumping into the market right now – a lease, an accident or a new model they just can not resist.

Here are some common situations you may encounter.

You need a new car

Do not rely on discounts on new cars. “I tell people they need to calibrate their idea of ​​what kind of discount they can get,” says Ron Montoya, senior editor of consumer advice for the car buying site. Edmunds.com.

Know the market, he adds. If you shop around and all retailers charge the sticker price, this is the price you have to pay. But do not take assumptions, says Weintraub. While one dealer asks for a sticker price, another can even sell the same car for invoice, a difference of at least $ 1,000.

Disclaimers for mcutimes.com

All the information on this website - https://mcutimes.com - is published in good faith and for general information purpose only. mcutimes.com does not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information you find on this website (mcutimes.com), is strictly at your own risk. mcutimes.com will not be liable for any losses and/or damages in connection with the use of our website.

Leave a Comment