JACKSONVILLE, Fla. – Most automotive experts will tell you that, right now, you’re going to have a heck of a time finding a good deal on a new car!
Having said that, prices for new and used cars, which have been some of the biggest drivers of inflation in the past year, are showing tentative signs of slowing. A shortage of computer chips has cut production of new cars even as demand for autos has been strong.
Used car prices soared nearly 41% in January from a year earlier, while the cost of a new car leapt 12.2%, a report showed Thursday. Yet from December to January, the price of a new car was unchanged and rose just 1.5% for a used vehicle — much lower than in previous months.
The used car supply is increasing, and automakers are starting to raise production, said Kevin Roberts, director of industry analytics for cargurus.com.
There are some people though, who simply can’t wait any longer for prices to drop! If you’re in the market for a new or used car, we want to hear from you.