If you’re looking to buy a car in 2022, don’t expect the lessons from years past to apply. 2021 was a year like no other for the auto industry — and not in a good way. Dealers have reported that customers driving past thought they had gone out of business because their inventory was so low.
In some cases, gently used cars cost as much or more than brand new versions of the same models. For buyers, 2021 was defined by high prices and limited availability. Will 2022 be the same? Yes and no. Here’s what you need to know.
Be Ready To Make Your Move
A global semiconductor shortage is responsible for most of the slowed production and sparse inventory that made it nearly impossible for automakers to satisfy buyer demand all year long. But a lack of chips isn’t the only roadblock standing between you and a great deal on a new car in 2022. Inventory is at record lows industry-wide, incentives are weaker and rarer than normal, and dealers are charging above MSRP.
It’s tough out there, but carmakers still want to sell cars — the best thing you can do is be ready when a good opportunity presents itself.
That means doing your homework and knowing exactly which makes and models you want, and exactly which ones you’ll accept if the deal is sweet enough — if you dawdle, there are buyers lined up and ready to eat your lunch. That also means getting preapproved for a loan — keep in mind that interest rates are expected to rise through 2022, which you’ll have to factor into your budget. If you plan to trade in an existing car, get it cleaned up and inspected so you can ask for top dollar
Open Next Page To See More…
