CLEVELAND, Ohio — Buying a car, truck or SUV has been an especially difficult process amid rising prices and limited supply for more than two years now.
If this sounds like the housing market — low supply, high prices, expensive loans — you’re on the right track. To me, waiting for housing prices to come down seems like a bad strategy, because there’s no guarantee prices will fall and rising interest rates will make payments more expensive. And, after talking to experts, I don’t think the vehicle prices are “crashing” any time soon.But I can’t tell you whether to drop $30,000 or more.
According to Cox Automotive, days of supply are up 72% since Jan. 1. Put another way, there are now 620,000 more new vehicles for sale in the U.S. than were for sale this time last year.The 2023 model year is fast approaching, and dealerships will be trying to get rid of their 2022 model vehicles to make room, Vitantonio said.
Today, there are about 1.4 million vehicles available for sale, according to Cox Automotive. Automakers are making more money now, so they may never go back to the surplus they used to have, Krebs said.Vitantonio said dealerships don’t have enough inventory. Currently they have 40 to 50 days of supply; before the pandemic they had anywhere from 90 to 120 days of supply.A mixed bag: Used vehicles
Krebs said newer, used vehicles could be hard to find for a few years. Since new vehicles are in demand, less of them are being leased. And when people do have leases, they’re buying the vehicle when the lease is up. For one, there’s high-demand for them. And two, Asian automakers like Honda, Kia and Toyota are having a harder time fixing production issues, according to Krebs, and they tend to make more sedans than domestic automakers.Automakers are also making a lot of top-of-the-line models, Krebs said. So, finding higher trim models may be more likely.Krebs said people need a lot of patience and persistence to be in the vehicle market right now.
Trade-in values vary widely, because every owner trades in a different vehicle. There isn’t great data to point to here. But since used vehicles values are down 9.3%, your used vehicle is likely to decline in value.Prices could come down if you wait, but you’ll likely be dealing with higher interest rates if you do.
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