Is Now a Good Time to Buy a Car?

Hands Doing Calculations with Calculator
 

You’ve probably heard talk about a coming recession in the latter half of 2023. There are also rising interest rates. You might read or hear about how now is not the best time to buy a car. But we assure you, now is a great time to buy a car, either used or new.

 

 

While there are undoubtedly industry-wide inventory issues, such as interest rates for auto financing, that doesn’t mean that it’s a bad time to buy a car. Leasing a new vehicle, if you meet the right criteria, is a great choice because you can get a new car in your garage every two years if you wish. 

It’s also a great time to trade in your vehicle because dealerships are paying top dollar for quality used vehicles. In fact, if you’re looking to buy a car in Comanche and trade in your older car, the extra boost in value could very well more than offset the higher prices new and used vehicles are currently fetching. You could drive home with a newer vehicle for less money than you thought if you choose the right used vehicle. If you want peace of mind, consider a certified pre-owned vehicle that has some kind of warranty on them.

Is Now a Good Time to Buy a New Car?

New cars are, undoubtedly, more expensive now than they’ve been in a while. Interest rates for financing aren’t helping, but vehicle prices are stabilizing now that supply chain issues are lessening the impacts on new vehicle prices. In fact, you might see new car prices going down because fewer people are buying them. Dealers might have too much supply and not enough demand, and the prices might negate higher interest rates.

You may not necessarily get the best overall purchase price or discount (although new vehicle specials can help). But ask yourself this: What is your situation? How important is a deal? Do you really need a new car now, or can you wait? What about purchasing a used vehicle?

Say, for instance, you are driving an old clunker that is constantly requiring more money to repair. You don’t want to waste more on it. Buying a new vehicle, even for less of a discount, can be a smart financial decision because there will be much fewer repair costs. We recommend talking to our finance teamabout your options.

Is Now a Good Time to Buy a Used Car?

While used cars may be more expensive on average now than in the past, there’s good news for Brownwood and Abilene used car shoppers. Used vehicles available near Stephenville are being bought very quickly, meaning that many of the ones that show up are coming off prior leases. This also means these vehicles are, by and large, more reliable than the average used car that you may find in stock during more “normal” times. Look for a former loaner or a courtesy car, too, that will give you a well-maintained, next-to-new vehicle at a good price.

Is Now a Good Time to Trade In a Car?

Yes! Now is the ideal time to buy a car and trade in your old one. Let’s do some hypothetical math.

Say you use our payment calculator to see if buying a $47,000 Buick Envision Avenir is a good idea. For this example, this vehicle would normally sell for $44,000. If you’re trading in a vehicle that would normally fetch $20,000, it might be worth $23,000. You’ll get a new vehicle for around $19,000 MSRP. Your actual results will vary. 

Test Drive a New or Used Vehicle at Bayer Auto Group

Ready to find out if you’re ready for owning a new or new-to-you vehicle? Contact us or call (325) 330-8152 to schedule a test drive. We’re happy to help in any way we can.

 

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