Here’s how to navigate buying a car amid low inventory and high prices


Any shopper who has stepped onto a vehicle sales lot during the coronavirus pandemic has likely noticed at least two things: There are very few cars and they have very high sticker prices.

Amid inflation and fear of a recession, buying a car in this climate is certainly not for the faint of heart.

“If you go by a car dealership these days, you either see a lot of asphalt or you see a lot of used cars in spaces where normally there would be new cars,” said Tyson Jominy, vice president of data and analytics at J.D. Power.

More from Invest in You:
Retirement is expensive – here’s how much you really need to save for it
Here’s a simple way to make a monthly budget and start saving money
How this former waitress paid off $30,000 in debt and learned to invest

In January 2015, the average price for a new vehicle sold in the U.S. was $30,694. By February 2022, that number had ballooned by 44% to $44,232.

“So what we see in terms of vehicle prices really stems from that fact that there’s hardly any inventory out there,” Jominy said.

Watch the video for advice on purchasing a car when prices are high and inventory is low.

SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. For the Spanish version Dinero 101, click here.

CHECK OUT: I generate thousands of dollars a month in passive income teaching online classes: Here’s how to get started with Acorns+CNBC

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

Products You May Like

Articles You May Like

VW CEO to present software ‘reality check’ to board on Dec 15, report says
The Espin Nesta Folding E-Bike Gets An Updated Battery For Longer Range
VW’s Wolfsburg plant at less than half capacity amid supply chain ‘chaos’
Chadwick to drive for Andretti in Indy NXT Series
Stellantis CEO Carlos Tavares to give CES 2023 keynote

Leave a Reply

Your email address will not be published. Required fields are marked *