The demand for automobiles has been going up, which has led to an increase in used car prices. In 2012 there was a $221 billion increase in sales for new and used vehicles, with the demand being highest for trucks and SUVs.
Car shopping season is in full swing! Right now, there are nearly 2 million cars on the market. Depending on which report you read, 20 to 30 per cent of those cars are used – but only a fraction of those vehicles are less than 36 months old. We’re in a low inventory car market. And that means prices are on the upswing.
If you are looking to buy a car in a low inventory car market, there are certain steps you could take to ensure your purchase is as smooth as possible. This article will introduce new car buyers to the critical knowledge they will need to successfully purchase a car when the car market is low in inventory.
We will cover the following topics: what is a low inventory, why is this situation created, how can you be successful and get a great deal while buying a car during these times.
Let’s say you intend buying a car anytime soon. In that case, you may have already noticed that there aren’t many options available. When I started looking for our new vehicle, we had to decide whether to wait until the inventory was back up or buy now. Sometimes buying a new car is not always the best option, and we almost always buy used, but this time around, there just wasn’t much choice. We had to buy used, and it didn’t take long for us to realize that being buyer beware is a strategy when you intend on buying a car in a low inventory car market.
When I started looking at cars, I was shocked to see how many crummy vehicles were still there. I am not talking about the price of the car but rather the maintenance history. In my opinion, if it has been in an accident, big or small and has not been fully repaired, then you should stay away. If it has been “totaled”, don’t even look at it unless it has been fully fixed to be safe again. Many people don’t care if they are driving a death trap, and they will flip those cars as quickly as possible.
Don’t Rush Your Purchase.
When buying a car in a low inventory market, the best thing you can do is to not rush. It may take a while to for you to find what you want, so try to be open-minded about what kind of vehicle you’re looking for.
Know What You Want
That being said, you must know what you want from your next car. It would help if you had at least a general idea of features and options that would make your next vehicle the perfect one for you. When you find something close to what you want, you won’t be afraid to pull the trigger on the deal.
Be Flexible with Your Budget
If possible, it’s best if you can be flexible regarding how much money you want to spend on your next car. Once again, this is where it’s good to have an idea of the kind of vehicle that will be a match for your needs and lifestyle. If certain cars fit your budget more than others, consider those options more heavily.
Finding a car while inventory is low can be extremely difficult. As if buying a car isn’t already stressful enough, the added pressure of having limited selection makes the process that much more annoying. While it’s tough to find what you want when inventory levels are low, it’s not impossible. If you’re willing to work with your dealer, you can find the right vehicle for the right price.
Signature Auto Group New York & Florida’s Trusted Car Leasing Company
As a company we learned a long time ago just how significant it is to have talented, loyal and motivated staff to serve our clients in every aspect; before, during and of course even after such an important vehicle purchase. Even though this will always be an ongoing process, this organization has been fortunate to have attracted and retain such extraordinary individuals at every single level in this company.
We are honored to serve all Signature Auto Group clients past, present and future clients in the major areas of the United States and around the rest of the world. Signature wants their customers to enjoy life to its fullest. We also have high standards that the staff agrees with and are committed to providing you with the service you deserve. The sales staff is extremely knowledgeable about our products and is there to get you the fantastic vehicle that you want and desire.
Come on in and check out our extensive inventory that includes all the latest makes and models of vehicles. It doesn’t matter whether you are wanting to purchase or lease; we have the perfect plan for you. And don’t forget to check out our specials, we are always having great lease specials on a lot of the new vehicles in stock.