Buying a new car has been a struggle for anyone on a budget as we start the year off with some of the highest prices ever. The good news is things are improving and the best time to buy a car might be right around the corner.
Vehicle inventory has been low thanks to supply chain issues and demand has been high as more people get back on the roads two years into the pandemic. Both of those factors are driving up costs.
On the bright side, major manufacturers are finally sending new cars out faster than they have in the last year, so as supply increases, prices will stabilize. The ripple effect will help drop used car prices as well.
Nathan Hecht is the CEO of Rodo, a new virtual car sales assistant app, and says the more urgent move is selling your car. He emphasizes the importance of finding out the value of your car, even if you lease, as there is equity in it and the money you get can go a long way to making a dent in the price of your next ride.
"We're still in an inflated market where your car still has a ton of value so that is definitely a right now sort of thing. As the market starts to normalize and come down in a year or so, the value of that vehicle will probably correct and slowly come down," said Hecht.
If price is your biggest sticking point, he says to be ready to compromise on a few things like color and features. Then, he suggests looking outside your local market.