When will used car prices finally drop? This is what we know


Car dealers are hard to trust, and if someone who sells cars for a living is reading this, it’s hard to blame people when one of the most well-known idioms for this specific calling is, “He there is a sucker born every minute. “

So when news of a shortage of chips affecting used car prices broke, every potential car buyer groaned in anguish as they negotiated the purchase of an automobile through a dealership was already a nightmare. And after the infernal year of commerce, people want to know: when are used car prices finally going to go down?

The prices of some used cars are higher than others due to the shortage of chips.

It’s no secret that many automakers make their most popular models “smarter” over time. Microchips are used for a myriad of different functions, from consuming gas and operating the transmission, of course to managing a variety of other processes in a car.

The article continues under advertisement

In early 2021, Ford reportedly ran into a bunch of production issues due to the chip shortage that left customers with vehicles that couldn’t meet their projected mpg estimates. Not exactly the kind of surprise you want to experience after paying top dollar for a new car in a market that puts a strain on buyers.

The article continues under advertisement

Some models have also seen huge percentage increases in the used car segment. Like the Mercedes Benz G-Class. This overpriced German box of a car cost buyers some $ 160,000 – the price of a small house. But economy cars have also seen massive increases.

The article continues under advertisement

The Nissan LEAF, although it has an “insanely expensive” battery to replace and looks like the kind of electric car that would spin around if it were a high school car student, now costs $ 6,370 more to buy. on average.

The darling of the American economy, the Chevy Spark now costs $ 4,467 more on average to buy.

The article continues under advertisement

The Lincoln Navigator aka Fancy Ford Expedition would cost buyers 34.5% more to buy ($ 16,532) and the Kia Soul would cost $ 3,973 more to buy. Ouch.

There are a bunch of other factors to consider when buying a car, and if you really need to buy a new one, it may be worth going to a location far away from your location. residence to help you save a few thousand. dollars or have the car delivered to your home.

Source link

Leave A Reply

Your email address will not be published.