If you’re being unfairly forced back to the office and are looking for a daily commuter, you’re obviously going to want to look more towards smaller hatchbacks and sedans rather than commercial duty pickups - the reverse being true if you own a landscaping business. What kind of car you need depends on what you plan to do with it. But first, you need to decide what you’re looking for and how much you’re willing to spend for it.
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But there are still plenty of deals to be found, you just need to know where and how to look.
“We had an unusual circumstance over the last two years that stimulated demand, and we have limited supply,” he said.īetween the stiff competition, a short supply of available autos and a rapidly evolving market that takes place as much online as it does dealer lots, today’s car buyer faces some daunting prospects in their pursuit of a freshly used car. “This is not a commodity market that people are speculating, and used vehicles are assets that actually provide utility to folks.” “It’s potentially becoming a bit deflationary in that regard,” Jonathan Smoke, chief economist at Cox Automotive told CNBC in May, though he doubts it will immediately lead to a strong price correction. Prices for used vehicles have declined slightly in recent months, down 6.4 percent from January, but remain well above the pre-pandemic average. It’s not quite as bad as the new vehicle market where paying over MSRP has become the rule, rather than the exception. People are looking longer for used cars - around 171 days on average, up from 89 before the lockdowns, according to car shopping site, CoPilot - and paying top dollar for what they find. “With nearly empty new car lots across the country, dealers have been holding prices of newer used cars high,” CoPilot CEO and founder Pat Ryan, told CNBC in April. Newer used cars, those 1 to 3 years old, the average price was $41,000, up 37 percent year-over-year. Combine that with low supplies of new vehicles due to the ongoing global processor chip shortage, and compounded by rising interest rates brought on by the Russian invasion of Ukraine, the price for used vehicles has skyrocketed.įor used cars up to ten years old, the average price in March stood at $33,653, 40 percent higher than the year before. Those figures slumped noticeably during the COVID lockdowns in 20, but now that travel restrictions have eased and life returns to a semblance of the old “normal,” demand for vehicles has spiked dramatically since the industry’s massive nosedive in April 2020. We’re awash in cars ( 276 million were registered in the US as of 2020) with around 14 million new light duty trucks and passenger vehicles being sold annually, and nearly three times that amount (around 40 million) in used cars.
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We are a nation of drivers with a transit infrastructure geared overwhelmingly towards automobile travel (with fewer than one percent of those on US roads today being of the electric variety). Despite what Dunkin’ Donuts would have you believe, America runs on gasoline.
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