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Aslan Gavrilov
Aslan Gavrilov

Should I Buy A New Car Or Wait

"Often, people are asking me, is this a good time to buy a car or should I wait? Most times I say, don't wait, because we don't know what tomorrow's going to bring," Scott Kunes, COO of Kunes Auto and RV Group, which owns more than 40 dealerships in the Midwest, told Insider. "I do think that even though right now may not feel like the best time to buy a vehicle, it probably still is."

should i buy a new car or wait

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If a car shopper is waiting for the day of perfect interest rates, bountiful inventory, and great incentives, it's not likely all three will align, at least anytime soon. The car-buying market is forever changed.

Should you buy a used car right now, even at the end of the year? No. Not unless you absolutely cannot afford a new car, or cannot afford to wait for a factory order. If you do decide to buy a used car their are a few tactics you can use to determine if you are paying a fair price (relative to the current market conditions).

To recap, you should only buy a car right now if you need to, not it if you want to. That being said, if you do buy a car right now, we think new cars represent a better value than used cars. In your quest to find a car dealer who will sell you a new car at MSRP, here are a few resources you should reference:

Offer for used Mazda 6 is 17k. MSRP for new Mazda 6 is 28k. I imagine the inflated value of the used car is just transferred to the price of the new car. But with prices expected to continue to rise, should I consider upgrading to a new car now, or try and ride it out for a couple more years.

I imagine with more supply, the new car prices will drop, but that means used pricing should drop as well. But there is also the risk that car manufacturers decide to keep inventories low to keep prices high.

At Cartelligent, our team is continuing to find solutions for clients who are looking to buy or lease a new car, truck, or SUV. For clients who are able to wait a few months, the best answer may be to place a special order now and wait for it to arrive.

Based on recent industry data, the prices that car dealers pay wholesale for used cars dropped 14.9% during 2022, which means consumers should also start seeing lower prices on the lot. Money expert Clark Howard also predicts the conditions will continue to improve gradually each month throughout 2023.

Right now is still not a great time to buy a car. However, the conditions are finally beginning to improve. Prices should continue to trend downward gradually each month throughout 2023.

The recent sky-high car costs have forced some customers to postpone car purchases, consider buying a gas car, or wait for a better and newer electric vehicle model in 2024. Is it now appropriate to switch from an internal combustion engine to an electric vehicle? Here are several reasons you should hold off on getting your electric SUV until 2024.

There are already a few electric vehicle options available to consumers. If consumers wait until 2024, they can purchase electric vehicles from Honda, Toyota, and many other automakers. Without a wide range of options to choose from, buying an electric vehicle now could turn out to be a costly error. Because automakers are attempting to produce the most competitive solutions, consumers stand to gain the most from the competition to develop the greatest electric vehicle.

Should you order a new Subaru model and wait or buy a used model now? A new affordability study from iSeeCars reveals it's better to order a new 2023 Subaru Crosstrek, 2023 Forester, and 2023 Outback and wait for it to be shipped to your Subaru retailer than to buy a used three-year-old model now.

Customers who are shopping for a low mileage used three-year-old Subaru Forester, Outback, or Crosstrek now find they are not a good value. Customers who can wait should order a new 2023 Subaru Crosstrek, 2023 Forester, and 2023 Outback and wait for it to be delivered to your Subaru retailer.

Demand for electric cars may be surging, but buyers hoping to make the switch are being forced to make a U-turn as factories face months of delays, pushing waiting times for new vehicles to unprecedented levels.

The cars facing the most dramatic increases include big sellers from Kia and Vauxhall. The Kia Niro EV now has an average wait of nine months for delivery, up from 4.5 months in August. Both the Vauxhall Corsa-e and Mokka-e waiting times have risen dramatically too, from an average of 3.5 months in August to 10 months in October.

However, popular models including the Tesla Model Y and the Renault Zoe are enjoying comparatively low waiting times of four to 12 weeks and one to two months respectively, meaning customers could have their new car in time for Christmas.

Perhaps the most significant timesaver would be not being picky on trim and specification options, since ordering a car for a factory build will slow the process up considerably. This could extend the waiting time for a vehicle from three months to a year very easily.

Adding new tech which requires a lot of those precious chips will slow down your order and bump you out of the queue. Enhanced Autopilot and Full Self-Driving Capability makes no difference to waiting times when the Tesla Model 3 is concerned, but such features can extend waiting times with other manufacturers. Ordering a Jaguar iPace, for instance, with a head-up display and 360 surround cameras included, increases the delivery time from six to nine months.

We were told there is a six month wait for a Porsche Taycan Turbo, but the 4S and Turbo S models are unavailable until the second-half of next year at the very minimum. However, showrooms do have customer cancellation Taycans available now. So, being willing to compromise in the details is the key to getting you your vehicle at a significantly sooner date than expected.

In most cases, customers have to wait no longer than 1-2 months for a brand new car. It's a natural outcome of the shrinking order backlog reported in late 2022. After a massive price reduction applied on January 12 (by 6.4-19.7 percent), and several minor price tweaks, the situation might change and we already saw some extension of the estimated order backlog. A big part of the boost was the eligibility for full $7,500 federal tax credit for new Model 3 and Model Y cars.

In today's update, we will take a look at the Tesla estimated delivery times as of February 14, 2023, as it gives us an idea not only how long customers have to wait, but also a hint on which models are in higher demand or potentially might be more profitable (higher demand of particular versions).

That's a clear indication that the base version still has some substantial queue of customers waiting. Tesla is willing to deliver cars earlier if someone will select the more expensive (by $10,000) Plaid version.

Anyway, the wait time is much shorter now than previously when customers had to wait up to 12 months in some cases (at least that was the estimate when placing a new order in October 2022). We guess that part of the answer why the time is now shorter is an increased production rate of the Model S/Model X duo.

Finally, the Tesla Model Y, which is the most popular Tesla model. Several months ago, only the Performance version was easily available (1-2 months), while the Long Range AWD version required 3-6 months of waiting.

Industry analysts like McCabe are hopeful that the industry will begin to recover by 2023. They encourage buyers to wait until legacy manufacturers and new players can introduce more cars to the market.

Before they consider you for a refinance loan, lenders will want to see that you made monthly payments on time and in full. If you owned a car before and you have good credit (a score in the mid-600s or higher), 6 months of consistent payments should help prove your creditworthiness.

If your loan repayment term is longer than 60 months (5 years), you run the additional risk of your car losing value faster than you can pay it off. This is one reason why you should think long and hard before you buy an expensive car and justify the purchase because you were able to stretch out the payments.

If you plan on waiting any longer, car prices may fall. But the interest rates will squeeze out your finances. According to the reports, the average interest rate for new cars in October was 7.63%, up from 5.43% the previous year. The average monthly payment was $718, up from $647 the previous year. The interest rate on used vehicles is now around 11.96% from 9.3%.

This may appear to be a reason to wait, but the additional incentives are unlikely to stay for the next year. People are still paying more than the sticker price for vehicles, and analysts believe prices must fall before incentives can be reinstated.

This means you'll find yourself at the mercy of the current waiting time for the nearest available appointment. If you live in an area where the nearest Tesla Service Center is hours away (not as uncommon as you might think), even getting to the service center might be a problem.

If Tesla offers a warranty covering the battery for eight years, it must be pretty confident in the reliability of its batteries. But no vehicle is impervious to failure, so if you're in the market for an EV, waiting a bit for more battery improvements down the line might be a good idea.

As more and more EVs are sold, and manufacturing becomes cheaper, the prices of electric vehicles should continue to go down. But, some EV brands are premium automakers, so they have no interest in selling cheaper vehicles.

Even though waiting for some of the early adoption wrinkles to get straightened out might be a good idea, buying an EV now isn't the end of the world either. Today's electric vehicles are well-sorted-out machines with great range, and anyone who buys an EV will find a fulfilling ownership experience waiting.

Paying down your credit cards, for example, will lower their minimum monthly payments, and lenders typically use minimum credit card payments when they calculate your DTI. Full repayment on an installment loan, such as a student loan or car payment, should help even more. 041b061a72

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