Did you know that 45% of Americans lack access to public transportation? This is one of the reasons why the state of the used car market has been so damaging over the last couple of years.Â
You're likely aware that pricing for used cars has been at an all-time high since 2020. But now that the economy is gaining strength, those prices have dropped dramatically since August. Read more to find out the reason for this price drop and how you can take advantage of it.
What's Behind These High Prices on Used Cars?
For car buyers, the process of manufacturing and selling a car is a bit of a mystery. Used car wholesale prices have been fluctuating recently and it's influenced by multiple factors, not all of which one individual will be able to see or understand in the scope of the broader American used car market.
Low Inventory
The biggest impact that COVID-19 has had on the car industry as a whole has been the number of supply chain issues. Due to the global microchip shortages for cars, not only have car manufacturers been having difficulties making cars, but the available ones have become much more expensive.
New cars and certified pre-owned vehicles are going for several thousand dollars over their actual value.
Why They've Fallen and the Future of Car Prices
So why have prices for used cars suddenly dropped? Mainly due to the car manufacturing process ramping back up again, which has replenished car inventories. Although prices are still higher than normal, as car inventories at dealerships recover, used car prices will balance out.
But that doesn't mean that used car buyers are completely in the clear. Due to continued global issues, prices could easily rise again so it's important to strike while the iron is hot.
How to Lower Your Costs Even Further
If you've been waiting for the right time to strike on a used car, this could be the start of your window of opportunity. There are a few things you can do to take advantage of this window, you'll have more time to find a car that fits your needs rather than worry about it being pushed off the lot as fast as possible.
One of the benefits of buying used is that you can lower the overall cost you'll pay by trading in your old car. The value of your trade-in car is taken out of the price of the new one, and especially with prices going down, you have the opportunity to get an even better deal. And while inflation is still up, you may even get more than your car's worth as a trade-in.
The Best Time to Buy a Used Car
The economy is facing a turbulent future as global and national issues continue to impact pricing for used cars, and the future is never certain. But right now you can take advantage of falling prices on used cars to find one at a dealership that works for you.
For used cars in Stephenville, there's no better place than Bruner Motors. Browse our selection of new and pre-owned Chevrolet vehicles and drive off the lot in a car you'll know you got the best deal possible on.
