The same thing that happened with toilet paper last year — shortages and panic buying — is now happening with cars.
If you’re considering a new car, the wisest thing you can do is wait. Still, many people may be jumping into the market right now — a lease ending, an accident or a new model they just can’t resist.You need a new car Don’t count on new-car discounts. “I tell people that they have to recalibrate their idea of what kind of a discount they can get,” says Ron Montoya, senior consumer advice editor for car-buying site Edmunds.com.
Get in line early. Inventories are so low you might have to make an offer on a car before it even reaches the dealership from the factory. Find a responsive salesperson and ask what cars are inbound . Then, get your deal in writing, noting the vehicle identification number, or VIN. Leave a deposit and be sure to get a receipt.
Weintraub cautions that if you extend your lease you might be outside the car’s bumper-to-bumper warranty coverage. Plus, you might have to pay expensive registration fees for an entire year. Weintraub says he got one of his clients $17,000 when he returned his Chevrolet Tahoe because its worth had skyrocketed above the lender’s predicted residual value at the end of the lease.
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