Right now is not a good time to buy used cars. The average used car is selling for around $28,000. But used car prices aren’t the only thing going up just about everything you put your hands on is going up.
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What has used car prices so high now
Cars aren’t getting what they are calling microchips the brains of the modern car so they aren’t selling a lot of new cars so the demand for used cars is high. It is said that the new cars need on average about 300 microchips which are insane and there just not being made.
The chip for new cars may last until 2023 or until auto manufacturers acquire enough chips to move cars. Until this actually happens you may see high used car prices.
Look at personal finances before buying a car
So you may ask yourself what are your options for personal finance to help you save better now and maybe save up for a car? Use finance apps to track your needs. If you have a car right now doing maintenance on it every 60-90 days may allow for it to last longer. It honestly makes more financial sense to wait and save to purchase a car later.
If you have to purchase a car, do your research you may have to extend your search even to a further car dealership to find a car. Always be on the lookout for an affordable car in your area. On a side note, you might be able to sell or trade-in your current car to offset the price of a new car.
Don’t see on car buying opportunities
But if you find an affordable car in your area don’t sit on it for the too-long jump on the opportunity and see what your auto financing options may be for the vehicle.