This could be a great time to be a car seller, but not so much a car buyer.
First, new car prices are the highest they’ve been since record keeping began. The average new car is now just under $30,000, according to the latest numbers I’ve seen! Yet just a year or two ago, car affordability was the best it ever had been. Unfortunately, that has boomeranged and come back around the other way now, as the latest numbers show.
Second, used cars are selling for more money than they have in 16 years. There’s been a big run up in prices since just the first of the year
The truth is if you would like a new car or a newer used car, your best bet is to hold off until at least the fall. You need to give it some months for the market to reverse. You’ve heard the expression, “He who hesitates loses,” right? Well, this is a case of “He who procrastinates wins!”
There are a few exceptions to what I just said, though. If you want a gas guzzler because it fits your lifestyle or your work, this is still a good time to buy. That market is pretty much toast. I was talking to a used car appraiser who just told me that anything with 8 cylinders under the hood gets a big, red X in his book. Nobody wants to buy gas guzzlers; so if you do, you can usually find a deal right now.
Finally, if you have a used car and it’s one that you don’t need to replace, this could be the best time in a long time to sell those old wheels and reap the benefits the marketplace affords you!