zzdcar
Home
/
Reviews
/
Buying
/
Is It Worth Trying To Buy A Car Right Now When All Of The Deals Stink?
Is It Worth Trying To Buy A Car Right Now When All Of The Deals Stink?-September 2024
2024-02-19 EST 22:09:32

Image for article titled Is It Worth Trying To Buy A Car Right Now When All Of The Deals Stink?

As Jalopnik’s resident car-buying expert and a professional car shopper, I get emails. Lots of emails. I’ve picked a few of your questions and will try to help out. This week we are discussing two conundrums regarding the current seller’s market for both new and used cars.

“I’m in the market for a new Chevy Suburban and almost every dealer I call tells me that either they don’t have what I want or that the price is going to be full MSRP, plus whatever rebates are being offered. I can probably afford to wait another month or so but if the prices aren’t going to get any better maybe I should just act now? It just sucks to pay full sticker for a “normal” car.”

The inventory issues that mostly due to the semiconductor shortage seem to be affecting domestic brands the worst, and large SUVs like Tahoes, Suburbans and Expeditions are feeling an even tighter squeeze. I’ve handled a few transactions recently on these cars, and just finding the right unit is a challenge, let alone getting the bottom-dollar price.

Our friends at CarGurus recently sent me some tips for navigating this difficult market. This is via Matt Smith, deputy editor of CarGurus:

“ One tactic shoppers can consider when shopping for a vehicle is to increase their search radius. Expanding the hunt from 25 or 50 miles to 75 or even 100 miles will help cast a wider net, snaring more options. If shoppers are comfortable handling negotiations remotely, many dealerships now offer delivery through the CarGurus platform — including a seven-day return period if the vehicle doesn’t meet the expectations laid out in the advertisement.

Motivated shoppers may consider loosening their search criteria. Determining needs versus wants will help increase the number of applicable vehicles within a search radius. Prioritizing those wants will help shoppers determine which ones are worth holding out for or which ones are worth bumping up the budget to accommodate. Criteria that shoppers may be willing to flex on include vehicle color, mileage, various features and even the type of dealership.

When a vehicle that fits the shopper’s criteria does appear, it’s in the shopper’s best interest to act quickly. Lining up financing ahead of time can give them a head start. Shoppers should also be ready to send an inquiry on an interesting vehicle when they know they’ll have plenty of time to respond to email, answer phone calls and take time to negotiate.

Finally, shoppers shouldn’t view a low-supply situation as a reason not to negotiate. Whenever possible, they should still request a test drive. Remember that all parts of the deal — from sale price to finance rates to extended warranties — are negotiable. And, of course, shoppers with a vehicle to trade are in a fortuitous position: Dealerships with low supply will be eager to bring in inventory off of trades, and will often pay top dollar.”

While all of that is helpful, I am finding on certain vehicles like these large SUVs that even casting your net nationwide doesn’t necessarily result in a better deal. But it may result in finding a better match for your specifications.

I don’t think we are going to see a market correction within the next month or so, but it’s possible that things will stabilize in the fall. So the question really becomes, is it more important for you to get what you want now or to feel like you got a great deal? Because a good price is relative to the market conditions at the time, sometimes sticker price might be the best price.

Next up, what should you do if your lease is up and you don’t want to overpay for the replacement?”

“My lease will be up in a month, and I’ve already gotten some preliminary quotes on replacement cars. They are way more than I am paying right now for a vehicle with almost the same MSRP! Should I turn it in and suck it up, or maybe I should buy out my lease.”

A lot of folks are in a similar situation and it relates to the case above. The deal you got a few years ago is likely not going to be replicated in the current market. What I would suggest for you is to extend your lease. Most brands will give you up to six months on a lease extension, and you maintain the same payments. The nice part is that you don’t need to take the entire time and it’s really a month-to-month type of agreement. So if you find a better deal three months from now, you can turn in your car and move on. As I mentioned above, there will possibly be a market correction in the fall, so the extension would buy you that time to revisit the deals later.

Got a car buying conundrum that you need some assistance with? Email me at [email protected]!

Comments
Welcome to zzdcar comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Buying
Which One Of You Suckers Is Going To Pay Over $32,000 For A 25-Year-Old Toyota 4Runner
Which One Of You Suckers Is Going To Pay Over $32,000 For A 25-Year-Old Toyota 4Runner
The (and Tacoma) have a death grip on used values. It’s been this way for years. Go ahead, go try and buy any TRD trim that’s a couple of years old; it’ll cost you as much as a new one — not that you could buy a new one...
Sep 23, 2024
At $5,900, Is This 1984 Nissan 720 4X4 A Solid Deal?
At $5,900, Is This 1984 Nissan 720 4X4 A Solid Deal?
According to its seller, today’s Nissan 4X4 shows “pride of ownership.” Let’s see if it would take swallowing one’s pride to pay its asking price. Opinions were split on how well the design of yesterday’s has held up over the years. Some of you commented that the design still...
Sep 23, 2024
At $8,600, Would You Go Topless In This 1994 Cadillac Eldorado?
At $8,600, Would You Go Topless In This 1994 Cadillac Eldorado?
The seller of today’s Caddy claims they should be selling it at auction but says who’s got time for that? Let’s see if we have the time for this custom convertible at its non-auction price. Many of you agreed that the $950 asked for yesterday’s was “chump change.” Even...
Sep 23, 2024
Someone Willingly Paid $16,000 For A Maserati Ghibli On Cars & Bids. Don’t Make The Same Mistake
Someone Willingly Paid $16,000 For A Maserati Ghibli On Cars & Bids. Don’t Make The Same Mistake
Let’s cut right to the chase: buying a is not a good idea unless you have deep enough pockets for the upkeep. For those not in the know, they’re sirens. They draw you in with their premium Italian image and sweet songs of and then go in for the...
Sep 23, 2024
At $18,500, Would You Lean Toward Buying This 2022 Ford Mustang?
At $18,500, Would You Lean Toward Buying This 2022 Ford Mustang?
Today’s Mustang is being sold by a towing yard, which means it’s probably a lien sale. Let’s see if this clean title convertible is priced to put a new buyer on the hook. The general consensus on last Friday’s was that it would be the perfect car for someone...
Sep 23, 2024
At $950, Would You Go All-In On This 1984 Plymouth Colt GTS Turbo Project?
At $950, Would You Go All-In On This 1984 Plymouth Colt GTS Turbo Project?
One of the calling cards of today’s Plymouth Colt is its “Twin Stick” overdrive gear change, which gives the car eight speeds going forward and two in reverse. Let’s see if this project car has anything else to offer. Just as Goldilocks discovered when appropriating Papa Bear’s lifestyle and...
Sep 23, 2024
Copyright 2023-2024 - www.zzdcar.com All Rights Reserved