Will Falling Used Car Prices Make Life Difficult for Used Car Buyers?
We have talked a lot about rising used car prices throughout 2021. And every signal around it has been nothing but worrying. Almost every quarter, the average used car prices seem to hit a new high and for the first time ever, the figures reached over the $25,000-mark. But when the used car prices actually start falling, and they will, how will that trend impact the market? As you wait for that time to come, will your life as a used car buyer actually become miserable due to the falling prices?
Let’s analyze the other side of the current used car prices trend. And let’s explore whether you should be waiting for that supposedly sunny day.
Falling used car prices will not help you if you have a car to trade-in
Obviously, when the average prices have touched their peaks, this is also the time when you can command the highest resale value out of your old car. The best buy here pay here in Spartanburg will value your vehicle as per the current market rates and you should be able to get home a high resale value if you sell now. When used car prices start falling, it will mean that the supply of vehicles in the market has increased, and not all dealerships will be willing to pay you a decent price. So, if you have a used car to sell, sell now.
Falling prices may demotivate dealers to give you deals
When prices rise, used car dealers are desperate to sell their used cars. And this is when they hand out lucrative deals to attract customers to buy used cars. When the opposite situation arises, most dealerships will be forced to pull the plug on their deals because their profit margins will start dropping as well. So, if you are looking for great discounts or lucrative financing offers, this is the right time to buy the used car you want. Falling used car prices may actually increase your credit expenses unless you pick a buy here pay here dealer with a massive inventory.
You will run the risk of arriving last to the party
Say you are looking for a Dodge Charger buy here pay here used car. When used car prices start dropping, many used car buyers who are similarly waiting like you will time their purchases then. And most dealerships will run the chance of running out of used Dodge Chargers, given it is a priced model in the used car market and the prices have dropped. However, if you buy now when most people are waiting, you have the best chance of finding the vehicle you want. And you can trade-in your old car to balance out the effect of high average prices. The right time to buy any commodity is when the overall consumer confidence is down.
Falling prices are not necessarily a great sign
Which should also tell you that you should buy a used car when you need one. The strategies and plans that you think will work in your favour might not work when the prices actually start coming down. Pick a reputed dealer now like Family Auto that gives you the best of deals no matter the market conditions and you always walk out as the winner as the customer.
The Family Auto inventory is one of the largest in Upstate South Carolina. You can find economical models in our dealerships even when the average market prices are high. We also offer you hard-to-beat trade-in rates combined with the benefits of easy bad credit financing. So, wait no more to get the used car you need. Visit Family Auto and test drive a quality car. We will help you to stick to your car budget and provide the best buying experience in Spartanburg.
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