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buying Looking for a Good Deal on a New or Used Vehicle? Be Flexible.

15:43  01 august  2020
15:43  01 august  2020 Source:   caranddriver.com

Buyers can get a deal on new, used cars — but it won't last long

  Buyers can get a deal on new, used cars — but it won't last long The new and used car market is 'messed up' analysts say, ultimately making it a great time to buy a vehicle. Just don't look to sell one.That's the good news.

New and used vehicle inventories are well below their optimal levels, and while that can make it harder to find a vehicle to buy, it doesn’t mean you can’t find a good deal . That can be bad news for buyers who have their eye on a specific vehicle , but as long as you’re flexible , deals can be had on both

“Considering a used vehicle is definitely a savvy move for shoppers this year. An oversupply of used vehicles has reduced their value and shoppers can find For more on how to negotiate the best deal on a used car, read more below: Prices for used cars have reached record highs recently fueled by a

a car parked in a parking lot: With inventories for new and used vehicles dipping, don't have your heart set on one specific model. © Spencer Platt With inventories for new and used vehicles dipping, don't have your heart set on one specific model.
  • New and used vehicle inventories are well below their optimal levels, and while that can make it harder to find a vehicle to buy, it doesn’t mean you can’t find a good deal.
  • Financing rates for auto loans are at their lowest in over a year as of May, and some vehicles still have incentives due to their respective high inventories.
  • Being flexible in what you want could be the key to finding your next vehicle.

Although some sort of normalcy has returned to the auto industry as new and used vehicles are again flowing to dealer lots, gaps still remain in the supply chain. As a result, inventories are much lower than optimal levels. That can be bad news for buyers who have their eye on a specific vehicle, but as long as you’re flexible, deals can be had on both new and used vehicles.

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Buying a used car can be a good option when you’re looking for a quality vehicle without the higher price tag. Low-mileage used cars can certainly be appealing, but it doesn’t necessarily make them a great deal . Low mileage can certainly mean less wear and tear and a longer life.

When buying a new or used car, there are many options to choose from. Dealers will usually lower their prices: At the end of the month, when salesmen are looking to move inventory to meet quotas. Better yet, see if you can negotiate extra features to be added on to the vehicle at no additional cost.

Inventories—typically measured in day’s supply, a metric based on current selling trends—are well below their average levels for both new and used vehicles. As of mid-July, the inventory for new vehicles had dipped down to 67 days, as compared to 86 days in July of 2019, which is around average for new supply, according to Cox Automotive. Similarly, used inventories had dropped to 32 days in July of this year, down from a 45 day’s supply last July, which is roughly average for used vehicles.

“If you are set on one of the most popular three cars in America, and all three of those cars have a very low day of supply, it may be a challenging time to find that car,” George Augustaitis, director of industry analytics at CarGurus, told C/D. Nonetheless, “rates are still really great, there are still really strong incentives in the industry, and there are still vehicles that have high day’s supply,” which means that you don’t have to overpay for a new or used vehicle.

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Car manufacturers frequently advertise new and used car deals to keep up the sales pace of vehicles that aren’t selling quickly enough or are due for replacement. The best way to get a great deal on a new or used car is to walk away from a bad one. It is your greatest negotiation tool, though too few

How can you get the best deal on a new car? Visit a few showrooms for vehicle presentations and test drives. Be very clear with the sales consultant that you’re just test-driving and are still considering several models. Dealers send multiple “ deals ” to a variety of lenders every day and they have a lot of flexibility around who gets approved and for The options you must have and any that are flexible .

In particular, both new full-size and mid-size pickup trucks have seen very low inventory levels in early July. The Toyota Tundra had the lowest inventory (26 days) among full-size trucks, and both the Toyota Tacoma and Nissan Frontier had the lowest levels (19 days) for mid-size trucks according to Cox. “Anyone looking for a great deal on a pickup truck will be hard-pressed to get one now—if they can even find the exact truck they want,” Charlie Chesbrough, senior economist at Cox Automotive , said in a note in mid-July.

Shutdowns Leading to Low New-Vehicle Inventories

The low inventory levels seen across the industry were kickstarted by the shutdown in production in mid-March which lasted through the first half of May for some automakers. For the American automakers, production was down for up to eight weeks and that, coupled with complicated safety protocols for restarting plants, led to the return to full production taking another five weeks or so.

0% Car Financing: Why It's a Great Deal

  0% Car Financing: Why It's a Great Deal When some new cars aren’t achieving their expected sales pace, or they're reaching the end of their product cycle, most automakers will start offering incentives to increase the sales tempo. One of the best deals you can get is a zero percent financing offer. Scoring a zero percent deal can save you thousands of dollars in interest payments over the life of your auto loan. You can’t get just any car with a zero percent offer, though there are plenty you can buy with a no-interest financing deal. While most vehicles with zero percent interest rate deals aren’t living up to their sales potential, it doesn’t mean they’re not good cars, trucks, or SUVs.

Used -car leases follow the same basic structure as new leases. Good candidate for a lease buyout: Since used cars are worth less than comparable brand- new cars, their residual values Swapalease and LeaseTrader are websites that allow people who are looking for a deal to take over the lease of

Used cars are not necessarily poor quality vehicles . Many have durable engines provide service for many yearsafter purchase. Carfax is one of the best sources for a vehicle history report. The used car dealer is willing to negotiate a little bit. Be certain that you understand there is just so good

Although demand plunged as states across the country went under lockdown, new-vehicle purchases have made enough of rebound to keep inventory levels low. This is particularly the case for more expensive vehicles such as pickups, as demand for new vehicles over $40,000 has seen a return to pre-pandemic levels, according to analysis from CarGurus.

“I think that if you were a used-vehicle buyer at a high end, you’re still in the market. If you were a new-vehicle buyer at the high end, you’re still in the market,” Augustaitis said. “We can see that people who are earning more who generally have higher levels of educational attainment, they also have the lowest unemployment rates right now in the midst of this recession.”

Used-Vehicle Inventories

Just as new-vehicle inventories have been strained, so has supply for used vehicles. During the peak of the lockdowns, used-vehicle auctions came to a standstill. When those vehicles resumed their flow to dealership lots, there were buyers ready to take them home. In times of recession, used-vehicle purchases increase as people look to save money. For the week ending June 1, Cox estimated that new-vehicle purchases were down 28 percent, while used-vehicle purchases had risen 6 percent year-over-year.

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When dealing with new cars and choosing between leasing and buying, leasing tends to feel cheaper. Leasing usually involves a much lower monthly payment. It’s not necessarily a bad option if you get a good deal , but I think you have to be careful on two fronts: first I think you should only lease if you are

If you're shopping for a used car, look at the " dealer retail" TMV price. Keep in mind that TMV is an average. Your goal is to get a price below it. Q: How Do I Get the Best Deal on a New Car? A: Research the market value of the vehicle , get a number of offers from other dealers , and go with the

That natural demand has been compounded by buyers who are turning to the used market when they are unable to find the vehicle they want on the new market. “Lower than average inventory levels on new cars as well as economic uncertainly may be causing some consumers to opt for used vehicles,” Nick Woolard, director of OEM and affinity partner analytics at TrueCar, said in a note. “TrueCar marketplace data shows similar trends, with 11 percent of consumers who connected with dealers for pricing on a new vehicle ultimately purchasing a used vehicle. This is up 31 percent versus July 2019.”

Nonetheless, what this all amounts to is that if you’re looking to buy a car, being patient and flexible will leave you with the best deal. Finding vehicles with inventories—which are always changing—can be as simple as looking for vehicles with incentives. And with financing rates for auto loans at their lowest point in over a year as of May, getting a good deal may be as simple as scoring a low interest rate.

2016 Toyota Prius: What You Need to Know .
The 2016 Toyota Prius ranks at the top of its class, thanks to its refined ride and handling, handsome interior, generous cargo space, and excellent safety and reliability ratings. The 2016 Toyota Prius is ranked: #1 in Used Small Cars $14K and up #1 in 2016 Affordable Small Cars #1 in Used Hybrid Cars $20K and up #1 in 2016 Hybrid Cars Is the 2016 Toyota Prius a Good Used Car? Why You Can Trust Us We’ve researched 20 Toyota Prius reviews, as well as hard data points like reliability scores and cost of ownership estimates, to help you make the best car-buying decision possible. U.S.

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