As of this writing, new and used car prices continue to be higher than usual, due to semiconductor chip and new vehicle shortages. Although many expect prices to fall somewhat over the course of 2023, the shortage continues to be an issue. So how do you time your purchase in these trying times? We have a few tips.
Order Your Next Car
When you place an order online and have your vehicle delivered to your local dealership, you get to select all of the features you want, down to the exterior color and wheel design. You do need to plan accordingly, though, since it can take automakers six to eight weeks to assemble and ship your model.
There are potential savings to be had here, since the dealership won’t pass on any add-on fees or insurance costs. You simply pay the MSRP and drive off in your perfectly optioned new car. Some dealerships may even deliver your new car right to your home!
If you decide to go this route, make sure you swing by your local dealership and give the model in question a test-drive first. You want to make sure it’s everything you want in a daily driver, and the best way to find out is firsthand! A sales associate can even assist you in ordering your new model.
Want a Used Car? Keep an Open Mind
Usually, shoppers turn to the used market when they want a lower price. But, right now, used car prices are at record highs. Although it’s still possible to find a deal on the perfect used model, the current odds are stacked against you.
If you’re on a very tight budget, you can shop for an older used vehicle. Just make sure to have it checked out for any wear and tear that might be an issue down the road!
As of this writing, it might be a better idea to consider a new car. New models can be priced very similarly to their used counterparts, but you get the added benefits of warranty coverage and a potentially lower interest rate on your car loan. Since trade-in values are high, you can trade in your current car and take a bite out of the price of a new vehicle!