If you need to buy a used car in today’s market, it’s probably going to look a lot different than it did the last time you shopped around. Between vehicle shortages, high prices and a booming demand, it’s important to know how to navigate a car purchase in these unprecedented times.
Let’s check out three tips from the experts that will help you make a smart car purchase in 2022.
1. Realize What You’re Up Against – and Adjust Your Expectations
First thing’s first – you need to realize what type of market you’re buying a car in. There’s a computer chip shortage, which means new vehicles aren’t getting made. Plus, car manufacturers are still catching up from other pandemic-related factors such as shutdowns and quarantines.
The cost of materials is also high. Steel, for example, increased by 200% last summer. Despite these challenges, there’s a booming demand for cars. A strong economic recovery, low interest rates and government stimulus checks have boosted much of this demand. However, automakers can’t keep up.
2. Be Flexible – Don’t Limit Your Options
Right now, flexibility is key. There’s a good chance that you won’t find exactly what you’re looking for at the price point you’re used to, so it’s important to keep an open mind. Chances are, there are a variety of brands, models and options that will fit your needs.
It’s also worth considering older models, as many haven’t changed that much in terms of design and features. You can also expand your search by browsing less popular car types such as sedans, hatchbacks and smaller SUVs.
3. Prepare to Pay Up – Vehicles Cost More Than They Used To
Even if you’re able to find everything that you want, be prepared to pay more than what you’re used to. New cars are selling at or above MSRP. Used cars are worth thousands more than they were before the pandemic. This is supply and demand at its finest.
And remember, dealers and private sellers are aware of the shortages and high demand. They likely won’t be interested in negotiating much, if at all. Expect to pay at least sticker price for the car you want. If you don’t want to pay this price, someone else will.
If you need to buy a car in these unprecedented times, browse the inventory at RepoFinder.com. We have repossessed cars, trucks, SUVs and recreational vehicles at affordable prices – and they’re available to buy today!