If you are in the market for a new car and want to purchase a new vehicle, be prepared for complete sticker shock. According to the car-shopping site Edmunds, a record 82% of buyers paid more than MSRP on a new car in January 2022. Customers on average paid $728 above MSRP last month, compared to $2,152 below the list price a year ago.
There is some good news out there! The next car you buy will likely last a long time and help you drive safer than ever with all the technological advances and offerings. Quality studies on new vehicles repeatedly show that today’s new cars have fewer problems than those from just a few years before. The average vehicle on American roads is now over 12 years old. That means that any buyers of higher-priced used cars will likely see the car driving on the road even longer. The same goes for those buying new ones.
Automakers compete by adding more and more high-tech features to newer cars. Options like adaptive cruise control and Apple CarPlay are now more common than ever on entry-level vehicles.
Tips for Buying a Vehicle Right Now
If you are in genuine need of a car and must shop right now, I want to suggest a few strategies that might help you find the right new or used car that fits your budget.
- Broaden the search. Widen your search to a broader geographic area.
- Be patient. Call dealerships early and often to see what’s coming off the trucks. Leave a refundable deposit if you want first dibs.
- Understand that it’s all in the timing. Be prepared to shop for several weeks and know it involves calling or visiting dozens of dealerships as you look for the right fit.
- Don’t react too quickly. Shop around your trade-in as aggressively as you seek out the right car. Don’t accept the first offer. You could sell yourself short in such a good market.
At the end of the day, it may still make sense to keep your existing car for another year if you can. But if you’re itching to buy a new one, give me a call or check out our lot inventory here: http://www.brian-chapman.com/inventory?isused=false&page=1&perpage=12&size=12&sortby=price_asc&view=list
Homer Skelton Ford