You can make a lot of money now if you sell your car or even have a dealer buy out your lease early, said Drury. In many cases, they may be willing to pay for the rest of the lease and add a little bit extra on top. This is especially useful if your circumstances have changed in the past year or so and you've decided you're okay downgrading from, say, a two-car household to a one-car household, or to no cars at all for the time being, Drury said.
Dealers will take anything. Overall, Degen said, it makes sense to wait if you are able to and you don't like what you're seeing right now. You don't want to rush into something and then need to resell it in a year or so at a steep depreciation. Sign up now: Get smarter about your money and career with our weekly newsletter. Don't miss: Inflation is continuing to rise—here's how it could affect your money. Skip Navigation. Make sure to appraise your vehicle at multiple venues to help you get its maximum value.
Consider leasing from another brand that might have a better selection. It gives you an easy out in two to three years when you want to return to your brand. Edmunds analysts estimate that the vehicle shortages might last for about six months. This story was provided to The Associated Press by the automotive website Edmunds. Ronald Montoya is a senior consumer advice editor at Edmunds. Sections U.
Science Technology Business U. Edmunds: Less choice, higher car prices in chip shortage. Ford pickup trucks built lacking computer chips are shown in parking lot storage in Dearborn, Mich. That's the average. And some used cars and trucks are worth even more than they cost when they were new. What makes your Jeep Wrangler, Subaru Ascent or Honda Civic worth more than it was when it was brand new a year ago is the simple fact that it exists.
It is a car that has already been built, at a time when there is enormous demand for cars and SUVs and not enough inventory to meet that demand. Due to disruptions in supplies of crucial computer chips , auto makers are having trouble making new cars. That was slightly above sticker price. Read More. Two factors are creating this weird, backward-seeming price differential: Low prices for new cars a year ago, and high prices for used cars now, said Drury.
New car customers were scarce a year ago as car shopping became difficult during the coronavirus lockdowns and many people became insecure about their financial futures. New car inventories were high at the time and car dealers were willing to negotiate, said Drury. That led to low prices for those cars. That situation is now reversed. Customers have come back into the market looking for cars that, because of supply chain delays and disruptions , just aren't available.
Your used car, then, is starting to look very, very good.
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