Buying a Car? Professionals say wait
By Kayla Cahill and Madison Collins, Staff Writers
May 9, 2022
With places to go and people to see, especially after pandemic, people have been driving everywhere and life is somewhat back to normal after an excruciating 2 years. Happiness is higher, yet so are car prices.
According to usatoday.com, “the average price of used cars and trucks for urban consumers has gone up by 40.5%” just this year. This is due to the high demand for used cars and the low amount of cars available.
“Way fewer people have been buying cars in the past year due to the increase in price,” said Michael Cahill, a valet at Cadillac in Norwood. “There’s also been a chip shortage in cars, contributing to the increase.”
Although car prices are up so much right now, they are projected to go down as more cars become manufactured and therefore available to purchase.
“As new cars become more available, pre-owned prices will continue to adjust,” explained Dennis Hoatson, a chat professional at Boch Toyota.
This also means that right now is the best time to trade in a used car if you are looking to make more money from the used car. However, if you are looking to purchase a new car, waiting till next year is most likely the route to take.
“The good thing for the consumer is that trade values also increased dramatically offsetting the retail price increase. This means that when a client traded in a vehicle they were getting so much more than what the car is normally worth that it would make up for the increase in the retail prices so the payment and amount spent was still comparable,” explained Hoatson.
Teens are the current target for selling used cars because once they get their licenses the first thing on their minds is getting a car instead of having to use and coordinate with their parent's car.
Although, despite the uprising spike in prices for used cars, if you are looking to get a car soon but you don’t want to spend so much money on a used car, not all hope is lost.“ Luckily, new cars are now in the pipeline so used car prices are starting to come down,” said Hoatson.
Buying a new/used car can definitely be stressful but waiting does seem like the best option. Waiting even just a year can significantly drop the price and get you your money's worth. More cars will become available and you won't have to share your parent's car anymore. Just wait a little longer.