Experts agree: this is the worst time to buy a car. High demand and low availability mean drivers are paying more for new and used vehicles. In addition, shoppers often can’t find the make and model they want, so they’re forced to either compromise or wait. Some drivers don’t have this luxury, though — cars can break down at any point, and inflation is pressing some drivers to downsize to vehicles with lower monthly payments or higher fuel economy. Regardless of why someone is car shopping, it’s imperative to get the best deal. Rydeshopper is here to help.
The automobile industry is still reeling from supply chain issues caused by the COVID-19 pandemic. Lockdowns halted the production of cars and their parts, yet more people decided to purchase cars to avoid public transportation. In addition, semiconductor chips used in various electronics — including cars — were in high demand, especially after one of the largest chip plants in Japan burned down.
As a result, vehicle prices have skyrocketed. For example, in-demand trucks and SUVs have been selling for 17 or 18 percent over the manufacturer’s suggested retail price (MSRP) for an all-time high of nearly $43,000. Likewise, the average used car costs 42 percent more than before the pandemic — the average price exceeded $25,000 for the first time in the summer of 2021.
Tips for securing the best deal on a new or used vehicle
Shopping around today is more important than ever if you’re looking to find the best car deals. Sites like Rydeshopper let consumers check the inventory of hundreds of car dealers in their area to find dealers who can provide you with the most competitive deal. In addition, keep these pro tips in mind to secure the best deal:
Be prepared to compromise. Inventory is down significantly — pre-pandemic, approximately 4 million cars were waiting to be sold; now, it’s closer to 1 million. Shoppers who can’t wait for their chosen vehicle to become available should have a list of appropriate options and be prepared to work their way down the list depending on supply.
Take advantage of used car trade-ins. More people want to buy used cars, so those with one to trade should shop around to get the best trade-in value.
Get pre-approved for a loan before going to a dealership. This allows the dealership to beat financing terms with their lending partners and make money on the vehicle sale. Be sure to read the fine print closely when comparing loan rates.
Lease a vehicle instead. Because a lease means the dealership will get the car back at some point, it will have another opportunity to make a profit with the same vehicle. This will incentivize dealerships to offer the best lease deals possible.
Compare deals online. Using a website like Rydeshopper can save consumers significant time. Simply search for the desired make and model in a specific geographic area and connect with Rydeshopper Preferred Dealers to receive available cars, prices, and special offers.
Move quickly. The low supply and high demand give dealerships the advantage, so shoppers should act quickly when they find a good deal on the vehicle they want.
While this may be the worst time to buy a vehicle, some shoppers can’t wait, so getting the best deal for yourself is essential. Shoppers should use these tips to give themselves more purchasing power and use Rydeshopper to find and compare the best rates in their area.
Company Name: Rydeshopper
Contact Person: Jakob Hansen
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Country: United States