Let’s Talk… New and Used Car Prices!!

Although inventories have been building up for some makes and models, some dealers are caught in the past and still trying to get “market adjustments“ for some vehicles. Here are my thoughts if you have to buy a car. 

First, try to wait a little bit. If history is any indication, when inventory builds, incentives come in to make the vehicles more attractive to sell. Also the market adjustment will mysteriously go away because the dealer needs to move inventory. Keep in mind that their borrowing cost is tied to interest rates which has risen in the past year and a half. 

Second, buy quality. I’m reading that most people are keeping their cars longer, so it makes sense to buy a high quality car that can hold up for 10+ years. 

Third, shop around for rates. Rates can vary and it is possible to get a better rate outside of what the dealer can offer. So do your homework and see what is being offered. 

Lastly, I view a car as a depreciating asset that I’ll use as a utility to get me from point A to point B. As I tell my friends, buy a quality vehicle that you can drive until the wheels fall off.

The content in this material was created for educational and informational purposes only and is not intended as an investment advice.

The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendations for any individual.