Wait to Buy Your Car

Starting in 2021, the prices of used cars have increased dramatically. A car that used to be worth 6k is now selling for 10k or more. Experts are saying to wait to buy your next car if you can. Looking at Facebook Marketplace, you will see how cars are being sold for more than they are worth. Many people are now selling their cars because the value of their car has been perceived to be higher. This does not mean you should fall for it. Many are saying that prices may start to decrease by the end of this year hopefully. 

Not only that, but there is a market shortage for new cars. The inventory shortage is the lowest it has been since the early 2000’s. When inventory ended in November of 2021, there was 60% less of new vehicles in the lots. This means that 2022 started off with 60% less inventory as it is. While at first it was just SUV’s, sedans soon followed in scarcity. This shortage causes dealers to raise their prices because of the rarity of getting new cars on the lots. You may notice a lot of empty lots at dealerships right now. They are having a hard time restocking their inventory. Buying a car used to be sometimes negotiable as far as price, however with this shortage they have become less lenient on lowering their prices. Experts recommend that you save your money until the market goes back down!