The COVID pandemic is impacting the price of used cars. In some cases, you will pay more for a used Car than the newest model.
This record surge in used Car prices is due to a global microchip shortage.
iSeeCars latest analysis of more than 470,000 new and used cars from the 2019 and 2020 model years listed for sale, show the price gap between new and used has gotten smaller and in some cases, the used version is more expensive than the newest model. For the Raleigh and Durham metropolitan area, iSeeCars.com found that the used Chrysler 300 costs…
Photo: LILLIAN SUWANRUMPHA/AFP (Getty Images)
The price of cars, both new and used, have been absolutely egregious lately, which comes down, in part, to demand that exceeds supply. Unfortunately, there are still a lot of people out there who need cars, many of whom are having trouble affording them. If you’re in that boat, then we’re here to help. We’ve got a few different tips that will hopefully make acquiring a Car a slightly less painful process.
Right now, Leasing is a much better option than Buying for a lot of people. Some automakers — even luxury…
“Everything’s so inflated,” he said. “It’s actually absurd.”
Prices for used cars have rocketed to record highs this year as supplies of new cars have been hampered by computer chip shortages.
If you’re looking for a new Car now, whether it’s brand new or just a new-to-you used Car, experts say it’s more important than ever to be open-minded about the exact make and model you need.
“Don’t fall in love online,” said Ivan Drury, a data analyst with Edmunds.com.
With a budget of about $15,000, Shozo said he’s been looking at 5- to 10-year old Hondas and Toyotas. Even…
By Philip Reed | NerdWallet
The same thing that happened with toilet paper last year — shortages and panic Buying — is now happening with cars.
“In my 28 years in the business, I’ve never seen anything like this,” says Oren Weintraub, president of Authority Auto, a concierge car-buying service in the Los Angeles area. Microchip shortages, pent-up demand and a used Car market that “is on fire” are driving up prices and fueling a Buying frenzy, he says.
Used cars will be pricey for a while, as shortages of new cars today mean fewer used ones down the road.…
Times are tough, but there’s no reason to lose hope. By following these key strategies, you can proactively eliminate some of the roadblocks you will face along the way, easing the search and purchase process.
Get prequalified. This is good advice during the best of times, but as especially now, says Jon Salzberg, director of Credit Karma, an organization that helps Car buyers get a Credit score and keep track of their personal Auto financing. Getting prequalified gives the buyer a leg up in a negotiating process that is currently skewed in the seller’s favor. Since you’re likely to be…
The road to Buying a new—or used—Car is anything but smooth. With new models selling for above sticker prices, and used-car prices hitting record highs, it can seem impossible to find a good deal. Here’s what you need to know if you are in the market for a vehicle.
Key Takeaways1. If you don’t need a large Car, consider a sedan
Certain types of vehicles, such as pickup trucks and sport-utility vehicles, are sometimes selling for more than the sticker price, says Ivan Drury, an automotive analyst for the car-shopping website……
Used Car prices have skyrocketed during the coronavirus pandemic. Supply chain issues, altered Buying patterns and a limited supply of new cars drove sale prices up 30% nationwide and 36% in Tennessee from January 2020 to June 2021, according to Kelley Blue Book.
“Just like stocks and everything else, you don’t want to buy at the top of the market,” Karl Brauer, an Auto industry analyst and president of iSeeCars.com, told The Tennessean. “The problem for a lot of people is, they need the Car now.”
PARTS SHORTAGE: GM ships 30,000 pickups to dealers, but will idle several plants for…
If you are in the market for a Car, buckle up. The latest consumer-price index confirmed that Car prices have continued to climb. With new models selling for above sticker prices, and used-car prices hitting record highs, it can seem impossible to find a good deal.
“All of what you thought you knew about Car Buying from last year, two years ago, six years ago, however long it’s been since you were in the market, has changed,” says Ivan Drury, an automotive analyst for the car-shopping website Edmunds.com.
Angela Hill, a 36-year-old recruiter in the Orlando, Fla., area, has her…
Some customers have balked at paying top dollar for new cars and have opted to make do with older vehicles. That has increased demand for parts and service, one of the most profitable businesses for car dealers. Many dealers have extended repair-shop hours. Mr. Ricart said he had some repair technicians putting in 10- or 12-hour days three or four days in a row before taking a few days off.
Of course, the shortage of cars will end, but it isn’t clear when.
As Covid-19 cases and deaths rose last spring, automakers shut down plants across North America from late…