Buying a new truck, car, or SUV can mean making many decisions; from make and model to color and features, there’s a lot to consider. The journey toward a new vehicle might also have you asking, “When will car prices go down?”
Will Car Prices Drop in 2022?
The short answer from economists is probably not. Car lots are no exception to the supply chain issues that have plagued everyone since the pandemic. But that doesn’t mean you can’t save some money at all. When to get a new car, truck or SUV does matter. If your timing is right, you can snag a great deal.
Timing Matters
One of the best opportunities to buy is at a year-end sales event. There are good reasons you can save during the holiday season; unsold inventory needs to move off the lot before 2023 to make space for the new models. If you shop the last week of December, it’s possible to save. Perhaps you can’t wait until the calendar runs out. That’s OK. Good deals can be found at the end of each month, too.
Sales events are often held for holidays (and not just Christmas). You can find everything from discounts to special financing on the weekends around Memorial Day, Independence Day, and Labor Day.
Model changeovers are also an excellent time to buy. Purchasing the previous year’s version allows you to pick up a deal when models change. While you’ll still be getting all the great benefits of a new car, you could save some money. The main downside is that you may have fewer options, so flexibility in your wish list will be essential. If you absolutely must have candy apple red and a moonroof, you could be boxing yourself in and may miss out on a great deal on the silver version with no moonroof.
Do Your Homework
You can’t get a good deal if you don’t know what a good deal is, right? If you’re buying a new truck, car, or SUV, learn everything about the model you want. What are the standard features? What colors are available (and which ones do you like best)? Are you interested in any upgrades? Different types of trim? Add-ons? Unless you know these things, you might end up comparing apples to oranges, and you won’t know a good deal when you come across one.
Once you know what you want and you’re ready to narrow things down, even more, take a test drive. This is when the rubber meets the road, and you can determine if what you think is what you want.
What to Look for During the Test Drive
The most crucial part of the buying journey is taking a vehicle for a spin. While everything looks good on paper or online, you can’t know if a car is right for you until you are in it. Once you’re in the driver’s seat, drive it like you would in your everyday life.
If you are often on the highway, then get on the road. Drive in an area with lots of traffic lights to see how it behaves in stop-and-go situations. Although it’s tempting to set the volume to the maximum level, keep the stereo off so you can listen to the engine during the test drive.
Once you’re back at the dealership, get in and out, check the cargo space, and sit in the back to see what it will be like for your passengers. Now’s the time to crank that stereo.
It’s Time to Buy
Once you’ve done your research and decided on which features are must-haves and worth compromising on, you’re ready to keep an eye out for any deals. Maybe last year’s model is just right for you, or perhaps you’re good with waiting until the last week of the year to find a deal. But if you can’t wait and don’t want to compromise, a fair price is never out of the question.
Deciding when to get a new car, truck or SUV is entirely up to you. If you need help with any aspect of the buying process, contact us today. We’re happy to help you by email, phone, or in person.
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