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My younger brother is moving from Seattle to Atlanta and will need a car. My usual advice is to buy used but seeing at how ridiculous these prices are, I'm not sure if that's a good idea in February 2022. A Hyundai Elantra that has a value of $8500 on KBB is selling for $12000 at dealerships.
But new car prices are just as ridiculous. Most dealers are charging a $3500 "Market Adjustment fee to reflect current market conditions of supply and demand, and is in addition to MSRP."
What's your advice for someone who needs a car NOW? Find something used private party? Buy new?
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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You just have to shop around, you can still buy new at sticker in some cases. Two friends did just that recently, one bought a new Subaru Crosstrek through Costco, the other a new Explorer from Harris in Lynnwood. It may requires some negotiation and it depends on how badly they need to sell what you want. The most popular vehicles that are in short supply are the ones selling for above sticker. Look on dealer websites and click "NEW" and see how many they have. Where we bought our 2020 Outback in Bellevue shows only 2 new vehicles in stock, while the one in Kirkland shows 42. They have a base Impreza with $21,308 MSRP but "Call for selling price" so they may be adding on to it.
At Ford in Issaquah, they show only 68 vehicles, but showing $1,500 discounts on some Escapes in the low $30k range.
Check out the Clark Howard podcasts and radio show. He's a consumer advocate out of Atlanta with a lot of experience (and credibility). clark.com
His recommendation due to the current very high prices for new and used cars makes a lot of sense:
Buy the cheapest / best temporary use car. IE:
Find and buy a cheap old car that's in good condition. Look for one that's cheap but also reliable, with the expectation that you will keep it only for the couple of years it might take for the pricing to normalize.
Check out the Clark Howard podcasts and radio show. He's a consumer advocate out of Atlanta with a lot of experience (and credibility). clark.com
His recommendation due to the current very high prices for new and used cars makes a lot of sense:
Buy the cheapest / best temporary use car. IE:
Find and buy a cheap old car that's in good condition. Look for one that's cheap but also reliable, with the expectation that you will keep it only for the couple of years it might take for the pricing to normalize.
I would wait if possible and if need by look for what is acceptable used. I wouldn't recommend paying a premium for a new car.
I bought this exact same truck brand new for $24,000 in October 2019! It was a 32K MSRP and between rebates and it being a leftover with the new 2020's hitting the lot I was able to pay 24K brand new at a Ford dealer.
So soon to be 3 years old, out of warranty and 30K miles it is worth 4K more than I paid for mine new?
Check out the Clark Howard podcasts and radio show. He's a consumer advocate out of Atlanta with a lot of experience (and credibility). clark.com
His recommendation due to the current very high prices for new and used cars makes a lot of sense:
Buy the cheapest / best temporary use car. IE:
Find and buy a cheap old car that's in good condition. Look for one that's cheap but also reliable, with the expectation that you will keep it only for the couple of years it might take for the pricing to normalize.
I agree with Clark’s advice here, but this is a classic case of easier said than done. Lol I’ve been looking for that car for about a year now. It always seems to elude me. You can’t just wake up one day and be like “I’m gonna find a cheap older reliable well-maintained car that grandpa is selling out of his garage”. That just doesn’t happen right now.
Not all dealers are charging these premiums over MSRP. If there is budget for a new car, I'd look around thoroughly to try to find a dealer who will sell at MSRP - I know of some around here.
Yeah there are even ~20 year old cars now(reliable desirable) selling for what they cost new. Can certainly make more sense than usual to choose new at MSRP in this market.
So soon to be 3 years old, out of warranty and 30K miles it is worth 4K more than I paid for mine new?
It's crazy! We bought our car (new) in December 2018. It came with "free oil changes for life" so I am back at the dealer every 6 months or so. Last time I took it in they offered to buy it back for more than what I paid for it. As tempting as it was, that would also mean that I'd have to buy a marked-up new car so it didn't really benefit me. Plus with COVID office closures I'm working from home and I just cracked 15k miles on it. So it's still new to me!
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