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Should I Buy a New or Used Car?

Should I Buy a New or Used Car?

Buying a car in 2022 is hard. Deciding if you should buy a new or used vehicle is even more difficult. Used car prices have increased unlike any other time in history, and the new car shortage means you may need to wait months to take delivery of an ordered vehicle.

While in years past the answer to “should I buy a new or used car” was more obvious, today it is trickier to answer. Let’s break down the pros and cons of buying new and used and what our recommendation is here at CarEdge.

Let’s dive in.

The case for buying a new car

You might feel a little crazy if you buy a new car in 2022 … Just a few years ago, the idea of paying MSRP for a new car was unheard of. Today, paying MSRP is a deal.

Car dealers nationwide have been adding additional dealer markups (ADMs) to their vehicles. For many brands, the average transaction price is well above the original vehicle’s MSRP.

If new cars are selling for more than MSRP, how could it possibly make sense to buy one in this market? The case is quite simple; if you can find a dealership who will sell you a vehicle at MSRP (and in some cases below it), then you should jump on it.

kia markups
The 5 Most Marked-Up Cars in 2022

It is widely expected that automakers will significantly increase their MSRPs for the 2023 model year. We have already seen many manufacturers increase MSRPs during the 2022 model year.

Pair this with the reality that used vehicles are appreciating assets, and you can begin to see why purchasing a 2022 new vehicle at MSRP is a relative “bargain”. New vehicles come with the full manufacturer warranty and typically are eligible for special financing through the manufacturer’s lending arm. Used vehicles are selling for the same price as new vehicles and they don’t have those benefits. For this reason, if you can find a dealership selling a vehicle at MSRP we recommend you strongly consider it.

To find a dealership selling at MSRP we encourage you to search our community-driven dealership reviews. Research over 1,700 reviews that have been submitted by other community members.

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The case for buying a used car

What is the rationale for buying a used car in 2022? Price. If you cannot afford a new vehicle (which is understandable since the average transaction price in April 2022 was $42,000), then older used cars become your only option.

Sadly, 8-16 year old used cars have seen the most rapid price appreciation so far in 2022. This is because many people are looking for under $20,000 price-point vehicles and their only options are older used cars.

If you are looking for a vehicle in this price range it is critically important that you do your due diligence before purchasing it. Pre-purchase inspections are non-negotiable in today’s market. We have heard many horror stories of “junk” cars being sold to consumers, and the best way to protect yourself from that happening is to get an inspection done before you purchase.

Not all used cars have appreciated equally. Gas guzzler vehicles have depreciated in 2022, while compact and subcompact sedans have appreciated. The trade off here is obvious; save money by spending less on gas guzzler vehicle, but spend more on fuel, or spend more on a more fuel efficient smaller car and save on fuel.

Buying a used car in today’s market is incredibly challenging.

Should I buy a new or used car — why we recommend new

If you’re reading this blog post, the odds are high that you already knew it is a tough time to buy a new or used car. Unlike in years past where the financially prudent decision was to buy a used car, we think it makes more sense to buy a new vehicle in 2022. While that’s easier said than done, we think it will pay off in the long run.

If you cannot afford a new vehicle, then finding a used vehicle that passes a pre-purchase inspection is your best bet.

As always we recommend going through Deal School before you contact any seller, and please don’t hesitate to post on the free community forum to get help. It’s a challenging market, but we’re here to help.

Kia & Hyundai Fire Recalls; 6 Million Vehicles Impacted

Kia & Hyundai Fire Recalls; 6 Million Vehicles Impacted

October 2022 Update: Hyundai and Kia models with dual-clutch transmissions are subject to a new recall and stop-sale. Model year 2021 – 2023 vehicles are included. See the details below.

A recall remains in effect for the Kia Telluride and Hyundai Palisade. This recall is separate from another recall earlier this year in which nearly 6 million vehicles produced between 2011 and 2019 were flagged for separate fire risks. See the details and learn how to check if your VIN number is included below.

Let’s dive in to what you need to know about Kia & Hyundai fire recalls.

What Kias & Hyundais are being recalled for fire?

NHTSA Recall IDVehicle MakeVehicle Model(s)# Vehicles RecalledRecall Date
21V331KIA2013-15 Optima and 2014-15 Sorento440,2705/10/2021
21V308HYUNDAI2021 Santa Fe25/3/2021
21V301HYUNDAI2019-20 Elantra, 2019-21 Kona and Veloster125,8404/28/2021
21V303HYUNDAI2013-15 Santa Fe Sport151,2054/28/2021
21V277KIA2022 Kia Carnival2,7444/21/2021
21V259KIA2021 Seltos, 2020-21 Soul147,2494/13/2021
21V208HYUNDAI2021 Genesis G80, GV801473/25/2021
21V160HYUNDAI2015-16 Genesis, 2017-2020 Genesis G8094,6463/10/2021
21V161HYUNDAI2019-21 Genesis G705523/10/2021
21V137KIA2017-19 Cadenza, 2017-21 Sportage379,9313/4/2021
20V750KIA2012-2013 Sorento, 2012-2015 Forte and Forte Koup, 2011-2013 Optima, Hybrid, 2014-2015 Soul, and 2012 Sportage294,75612/2/2020
20V746HYUNDAI2012 Santa Fe, 2011-13 and 2016 Sonata Hybrid, 2015-16 Veloster128,94812/1/2020
20V630HYUNDAI2019-2020 Kona6,70710/13/2020
20V543HYUNDAI2016-2021 Tucson652,0549/4/2020
20V518KIA2019 Stinger9,4438/27/2020
20V519KIA2013-15 Optima and 2014-15 Sorento440,3708/27/2020
20V520HYUNDAI2013-15 Santa Fe Sport151,2058/27/2020
20V399KIA2020 Sedona5,3857/8/2020
20V393HYUNDAI2011-2012 Elantra and Sonata Hybrid, 2012 Accent and Veloster272,1267/2/2020
20V121HYUNDAI2013-2014 Sonata206,8962/28/2020
20V100KIA2013-2014 Optima141,7742/21/2020
20V101KIA2011-2012 Sedona51,4652/21/2020
20V088KIA2006-2010 Sedona and 2007-2009 Sorento228,8292/14/2020
20V061HYUNDAI2007-2010 Elantra and 2009-2011 Elantra Touring476,1112/4/2020
19V204HYUNDAI2013 Veloster16,4873/14/2019
19V120KIA2012-16 Soul378,9672/22/2019
19V101KIA2011-12 Sportage32,2962/15/2019
19V063HYUNDAI2011-13 Tucson120,0002/5/2019
18V934HYUNDAI2011-2014 Sonata and 2013-14 Santa Fe Sport150,73012/28/2018
18V907KIA2011-2014 Optima, 2011-2013 Sportage, 2012-2014 Sorento71,65312/19/2018
18V754KIA2018 Stinger16,01110/25/2018
18V704HYUNDAI2017-18 Ioniq10,57510/5/2018
18V666KIA2017-2018 Niro27,0309/25/2018
18V260HYUNDAI2017 Ioniq10,1564/24/2018
18V257KIA2017 Niro27,0294/20/2018
18V026HYUNDAI2006 Sonata, 2006-11 Azera87,8541/9/2018
17V586KIA2017 Sorento629/21/2017
17V578HYUNDAI2017 Santa Fe4209/20/2017
17V224KIA2011-2014 Optima, 2011-2013 Sportage, 2012-2014 Sorento618,1603/31/2017
17V226HYUNDAI2013-2014 Sonata and Santa Fe Sport572,0003/31/2017
16V815KIA2008-09 Sportage71,70411/10/2016
15V568HYUNDAI2011-2012 Sonata470,0009/10/2015
15V015KIA2014 Forte86,8801/16/2015
11V256KIA2004-07 Spectra58,3224/25/2011
10V388KIA2010 Soul, 2011 Sorento35,1858/31/2010

Theta II Engine Class Action Settlement

Hyundai and Kia owners began suing the automakers in 2015 after they refused to pay to repair or replace the Theta II engine. Hyundai settled the class-action suit.

What is this lawsuit about?
The people who filed these lawsuits are called Plaintiffs, and the companies they sued, HMA, HMC, and others, are called Defendants. The Plaintiffs allege that the Class Vehicles suffer from a defect that can cause engine seizure, stalling, engine failure, and engine fire. They also allege that engine seizure or stalling can be dangerous if experienced. Furthermore, the Plaintiffs also allege that some owners and lessees have been improperly denied repairs under the vehicle’s warranty. HMA and HMC deny Plaintiffs’ allegations.

Which Hyundai vehicles are included?
The “Class Vehicles” are 2011–2019 model year Hyundai Sonata, 2013–2019 model year Hyundai Santa Fe Sport, and 2014–2015 and 2018–2019 model year Hyundai Tucson equipped with 2.0 liter and 2.4 liter genuine Theta II gasoline direct injection engines within OEM specifications.

What can I get from the settlement?

  • Warranty Extension
  • Reimbursement for Past Repairs
  • Reimbursement for Rental Car, Towing, Etc.
  • Compensation for Inconvenience Due to Repair Delays
  • Compensation If You Traded In or Sold a Class Vehicle
  • Compensation for Vehicle Involved in an Engine Fire
  • Rebate Program

2020-2022 Hyundai Palisade Recall

On August 22, 2022, the NHTSA issued a recall and stop-sale for model year 2020-2022 Hyundai Palisades in the United States. 245,030 Palisades are impacted. Affected new Palisades will not be available for purchase until they have received the recall fix.

The recall is due to a newly discovered fire risk that has resulted in three fires in Canada, and several instances of melted components.

A safety report filed with the NHTSA explains that debris and moisture accumulation on the tow hitch harness module printed circuit board may cause an electrical short, which can result in a fire.

See if your Hyundai Palisade VIN number is included in this recall at Hyundai’s official recall checker.

2020-2022 Kia Telluride Recall

On August 22, 2022, the NHTSA also issued a recall and stop-sale for model year 2020-2022 Kia Tellurides in the United States. 36,417 Kia Telluride VIN numbers are impacted. The stop-sale means that affected new Tellurides will not be available for purchase until they have received the recall fix.

Just as with the Hyundai Palisade recall, the Telluride recall is due to a newly discovered fire risk that has resulted in three fires in Canada, and several instances of melted components.

A safety report filed with the NHTSA earlier this month explains the risk of concern. Debris and moisture accumulation on the tow hitch circuit board may cause an electrical short. If a short occurs, accumulated debris may ignite and cause a fire.

See if your Kia Telluride VIN number is included in this recall at Kia’s official recall checker.

2021 – 2023 DCT Recall

hyundai santa cruz recall
Hyundai Santa Cruz recall

A new Hyundai and Kia recall was issued in October 2022 for models equipped with dual-clutch transmissions. This includes the following vehicles:

Hyundai

2021-2022 Hyundai Sonata

2022 Hyundai Santa Cruz

2022 Hyundai Elantra N

2021-2022 Hyundai Velostar N

2022 Hyundai Kona N

2021-2022 Hyundai Santa Fe

Kia

2021-2022 Kia Sorento

2021-2023 Kia K5

See if your Hyundai or Kia vehicle is included in this recall at the NHTSA’s official recall page.

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Buying vs. Leasing a Car in 2022 (Pros and Cons)

Buying vs. Leasing a Car in 2022 (Pros and Cons)

One of the most common questions we get asked at CarEdge is, “What’s better right now, buying vs. leasing a car?” In 2022, with car prices going crazy, this question has become even more important to answer. In this article we’ll answer a few of the most common questions when it comes to buying vs. leasing a car. You’ll learn things like:

  • Is it cheaper to buy or lease a car?
  • What are the advantages of leasing versus buying?
  • What car should I lease?

Let’s dive in.

Buying vs. leasing a car in 2022

Depending on who you talk to, leasing is either the best thing since sliced bread, or a foolish financial mistake. Many people misunderstand what leasing is; it’s simply a contract between you and a third party company that allows you to rent an asset for a set period of time with pre-negotiated terms and conditions. It’s nothing more and nothing lease less.

When you lease a vehicle there are four important factors that make up your monthly payment:

  1. The capitalized cost (which is the out-the-door price on a lease)
  2. The residual value of the vehicle
  3. The money factor
  4. The sales tax in your state

Let’s break each of these down.

Capitalized cost

When you lease a vehicle you do not purchase it, instead you are renting it. Instead of negotiating an out-the-door price (which is the price of the vehicle plus all taxes and fees), you negotiate the capitalized cost (also referred to as the “cap cost”) of the lease. The cap cost is the amount that is being financed with a lease. This will include:

  • The negotiated selling price
  • Doc fee
  • Misc. fees
  • Additional products

👉 Be sure to read this guide on which fees are legit and which you should fight back against.

The cap cost plays a major role in your monthly lease payment. As a rule of thumb, for every $1,000 in additional cap cost, that will roughly translate to $20 a month in payment on a 36 month lease. So if the salesperson won’t budge on their $2,000 paint and fabric protection package, that will end up costing you about $40 a month for three years. Ouch. With a lease you always negotiate the cap cost.

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Residual value

The residual value is the pre-set value that the leasing company says a vehicle will be worth at the end of the lease term. Residual values are represented as percentages of a vehicle’s MSRP, not the negotiated capitalized cost.

For example, in this car deal you can see that the dealer provided Maurice with three different residual values for three different lease term lengths.

lease with multiple residual values example

When you lease, you pay for the amount of depreciation that will occur over the course of the lease term. In Maurice’s case if he leased for 24 months the residual value is 68%, which means he will have paid for 32% of the vehicle’s depreciation from MSRP.

👉 Residual values are not negotiable and they are set by the leasing company. Dealer’s cannot modify residual values.

Money Factor

The money factor is the interest rate on a lease. Instead of paying an APR on a loan, you pay a money factor on the lease. Money factors are typically expressed in decimals which can be confusing. Don’t fret. Ask the salesperson for the money factor and then multiply it by 2400, that’s the interest rate you are paying on the lease.

Why do you pay interest on the lease? Because the leasing company is financing the purchase of the vehicle from the dealer. They then turn around and lease the vehicle they just bought to you. To make money they charge the dealer an interest rate (the money factor) to cover their cost of financing the purchase of the vehicle. That then gets passed on to you, the customer.

Money factors can and will be marked up. That means the leasing company may charge the dealer .00125 (3%) for the lease, and the dealer will turn around and tell you the money factor is actually .00175 (4.2%). That’s a sizable difference in rate, and represents a large profit center for dealers on a lease.

👉 You can and should negotiate the money factor on a lease.

Sales tax

Most states charge sales tax on each lease payment, some states do not. NY, NJ, MN, OH, GA for example charge sales tax upfront on the total amount of the lease payments. VA, MD, TX charge sales tax on the total selling price of the vehicle (the cap cost). In all other states, sales tax is simply factored into your monthly payment.

Sales tax is not negotiable.

Okay, so those are the mechanics of leasing, but that doesn’t answer the question, “What’s better right now, buying vs. leasing a car?” We’ll answer that below.

Is it cheaper to buy or lease a car?

As we discussed above, there are four factors that impact how “good” a lease deal is. So far in 2022 we’ve seen two phenomena that make leasing less attractive than in prior years:

  1. Residual values are low
  2. Money factors are high

Since you can’t negotiate the residual value, there are some vehicles that are truly “unleasable” right now. Imagine leasing a Hyundai Kona EV for 36 months and paying for 50% of the vehicle’s depreciation. No thank you!

In most cases right now it is cheaper to buy instead of lease. That being said, there are still some advantages to leasing.

What are the advantages of leasing versus buying?

Proponents of leasing love to tout the benefits of not owning a car. When you lease there are three primary benefits:

  1. You’ll have no negative equity at the end of the lease term
  2. You’ll always be in a new car
  3. If you want to buy your leased car at the end, you know the exact price you’ll pay, and you know how the car’s been driven and its maintenance and repair history

Since a lease is simply a rental, you’ll have no negative equity at the end of the term. Plus, with a lease you are committed for 3 years and then you can switch into something new. And, if you do chose to buy your lease car you know the vehicle history and shouldn’t have any concerns.

These are benefits of leasing no matter how good or bad the lease deal was.

What car should I lease?

So what cars actually lease well right now in 2022? If you’re seriously weighing buying vs. leasing a car, you should consider these vehicle’s as lease options:

TermYearMakeModelMSRPAverage Payment (12,000 miles)
362021BMWi3$48,970.00$425.80
362022KIANIRO EV$43,495.00$395.91
362022CHEVROLETBOLT EV$33,595.00$312.82
362022CHEVROLETBOLT EUV$36,245.00$341.01
362021CHEVROLETBOLT EV$38,567.00$367.63
362021HONDACIVIC TYPE R$41,940.00$409.78
362022TOYOTATACOMA$36,323.33$361.42
362022TOYOTATUNDRA 4WD$51,455.00$524.43
362022HYUNDAIKONA EV$39,435.00$401.39
362022MITSUBISHIOUTLANDER PHEV$40,356.67$412.84
362021POLESTARPOLESTAR 2$61,200.00$623.95
362022KIANIRO PLUG-IN HYBRID$34,331.67$350.88
362022JEEPWRANGLER UNLIMITED$47,838.86$502.42
362021TOYOTATACOMA$35,835.61$378.09
362022TOYOTATUNDRA 2WD$48,478.57$527.23

I need help with my car lease

Do you still have questions on buying vs. leasing a car? Get help from CarEdge’s team of car buying coaches. Click here to join CarEdge and get connected with a car lease expert who can help you navigate your deal. Here are some additional resources on car leases as well:

Are Car Prices Going Down? Yes They Are.

Are Car Prices Going Down? Yes They Are.

We receive a lot of questions here at CarEdge, and one has been more frequent than others recently, “Are car prices going down?” That question has flooded our email inbox, community forum, and YouTube video comment section. The answer is: YES.

Both new and used car prices are finally coming back to “normal,” although they have a long way to go. In this article we’ll update you on both new and used car prices, and give you some guidance on how to negotiate the best price if you need to buy a car.

Let’s dive in.

Are car prices going down?

Again, the short is an emphatic “YES.” Both new and used car prices have dropped in 2022. Let’s get into the nitty gritty of how much they’ve fallen.

New Car Prices

average new car transaction price chart february 2022
The average new car transaction price decreased in January 2022

New car prices have cooled off in 2022. After hitting a record high average transaction price of $47,243 in December of 2021, the average new car transaction price fell to $46,404 in January 2022.

Cox Automotive produces a new car “affordability index”, and that has declined as well. While the average new car price declined, interest rates jumped 17 basis points higher. As a result, the typical monthly payment for a new car declined 0.8% to $685 from what had been a record high of $690 in December.

new car affordability chart 2022

Not every automaker’s prices are going down at the same rate. Mazda prices have continued to climb month-over-month, while other automakers, like General Motors, Honda, and Volkswagen have seen their new car prices decline.

new car price change by automaker

Used Car Prices

Are used car prices going down too? Yes, they absolutely are.

With used cars it is important to remember that there are two prices; the wholesale price, and the retail price. So far in 2022 we have seen both wholesale and retail prices go down.

Wholesale used car prices have dropped about 5%. Retail used car prices have stayed about flat, however dealers are once again negotiating and discounting used cars if you know how to do it.

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Wholesale prices have decreased more rapidly than retail prices. From Black Book you can see that the week-over-week depreciation of used cars has increased more rapidly then previously expected. This is a good thing for prospective used car buyers!

used car market price trends

Not all used cars are the same however. For example, full-size vans continue to appreciate week-over-week.

used trucks and suv prices

All segments of cars are declining in value week-over-week.

used car and sedan prices

One of the most important indicators we analyze when assessing the used car market is “days to turn”. This is an industry metric that dealership’s measure to track their inventory. Car dealers do not pay cash for their inventory, instead they “floor plan” it. Just like you or I, the dealership finances the purchase of their inventory, and this means they pay interest on it each day it sits on the lot. A car dealer is more likely to negotiate on an “aged unit” (a car that has been on the lot for a while) than a brand new one, because the aged one has cut into their profit margin.

With all that in mind, data from Black Book shows that the number of days to “turn” (sell) a used car has increased dramatically. Pair this with rising interest rates, and you can quickly begin to see why dealers would be willing to negotiate on used cars once again.

used car days to turn February 2022

When will car prices go back to normal?

While the most common question we receive is “are car prices going down,” the second most popular question is “when will car prices go back to normal?” The hard part about answering this question is that no one has a crystal ball, and it’s impossible to know just how bad the ongoing chip shortage still is.

That being said, it is obvious that consumer demand for new and used cars has softened. As a result, our expectation is that car prices will continue to go down in 2022, with a potential increase around tax return season (March and April). When will car prices go back to “normal” though is tough to say. Sadly, we think the new normal will be a world where new and used car prices are inflated relative to years past (2019).

New and used car prices may never return to 2019 levels. We feel this is particularly true on the new car side, since manufacturers have realized they do not need to spend as much money on incentives to sell their cars. Why would they ever discount like they did before if consumers continue to purchase?

Used car prices have a better chance of declining back to pre-pandemic levels, however you have to remember that used car prices increased over 40% in 2021, so it’s unlikely they will fall that much in a short period of time.

Is it a good time to buy a car?

This brings us to the third and final frequently asked question we receive, “Is it a good time to buy a car?” The answer is still, NO! Unless you absolutely need to buy a car, now is not a good time to buy one. Prices are still very inflated and incentives are few and far between. That being said, if you need to buy a car, now is a good time to do it.

The future is uncertain, and right now we do see CarEdge members getting factory order deals well under MSRP, as well as used car deals thousands of dollars below their advertised price.

Is Now a Good Time to Buy a Car?

Is Now a Good Time to Buy a Car?

We receive a lot of questions from CarEdge Members, and this one comes to us nearly everyday; “Is now a good time to buy a car?” While the past year has been anything but normal (used car prices increased more than 35% in 2021), we may actually be coming up on a period of time where buying a car might make sense. I promise we’ll explain below.

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Let’s discuss if right now is a good time to buy a car. Whether you should buy new or used, or if you should consider leasing. Let’s also keep in mind that the same rule applies as it did last year: if you don’t need to buy a car right now, please don’t. Prices are inflated, and while we are seeing some renewed deal-making, that doesn’t necessarily reflect a “great” value.

Let’s dive in.

Is now a good time to buy a car

Yes. The short answer is “yes.” How can we possibly say that when used car prices have increased 35%+, and new cars are typically selling for MSRP (or more)? Well, the answer is pretty simple, we’re seeing that dealerships are starting to get nervous about the expensive inventory they’ve purchased, and some are ready to get back to deal-making.

This is true on both used and new vehicles.

New vehicles

Take this 2022 Ram 2500 factory order deal for example.

2022 Ram 2500 deal

Ryan’s deal is a perfect example of what’s possible in the used car market right now. This is nearly 12% under MSRP. For months now we have seen dealerships selling cars, trucks, and SUVs at well over MSRP, and this is proof that not all deals have to be that way.

New car inventory levels are slowly starting to creep back up, and while dealerships do not have as much inventory as they did pre-pandemic, they are slowly but surely beginning to negotiate again. If you are going to factory order a vehicle, be sure to watch this video to get the best price possible.

Used vehicles

Okay, so that’s new cars. What about used vehicles. Is now a good time to buy a used car? It pains me to say it, but yes. Right now, after a very slow January (car sales were down nearly 10% in the United States), car dealers are getting cold feet while they floorplan very expensive used car inventory.

Interest rates are increasing, and that means that the cost to hold inventory at a dealership is increasing as well. Each day a vehicle sits on a car dealer’s lot they lose money. A few months ago this wasn’t much of a concern because interest rates were very low, and consumer demand was very high.

Now, interest rates are creeping up, and after a slow start to the year, many dealers are getting nervous that they bought their inventory high, and may end up having to sell it low. In January we saw four consecutive weeks of wholesale used car price declines. A few months ago, if a dealer bought a used car for an inflated price they could simply go back to the auction and sell it for even more (used cars were appreciating). That’s not happening right now, and so dealers are more willing then they have been to negotiate and make a deal with a retail customer.

From our sources, we are hearing that dealers are taking up to $2,000 losses on used cars, simply to sell them and try and make the profit up on the “back end” of the car deal (the finance, extended warranty, etc.)

As a savvy CarEdge Member, we encourage you to go to Deal School, and come in prepared with financing and extended warranty quotes so that you can play offense instead of defense when you do go to the F&I Office.

When to buy a car in 2022

Is right now the best time to buy a car in 2022? That’s a great question. While we do think right now is a good time to buy, it may not be the best. Traditionally the end of the year is the best time to buy , that’s when dealerships typically have incentives from their manufacturers to hit volume-based sales objectives. As a result of the chip shortage those objectives have vanished.

With that in mind, the end of the year is no longer the absolute best time to buy a car. In 2022 what will dictate the best or worst time to buy a car will be based on how many vehicles automakers need to take out of production. Last year we lost 11 million vehicles globally as a result of the chip shortage. The expectation for this year is that we’ll lose 1 million.

If there are more new cars produced earlier in the year, and less losses than expected, we could be in for end of year car deals. If that doesn’t happen, then we could be looking at continued high prices.

We expect that used car prices will increase again in the spring with tax returns getting into consumers hands. Right now appears to be a very good time to buy a car in 2022 (again, with the caveat being, only if you need to).

Let CarEdge help you buy your car

CarEdge Members get exclusive access to car buying coaches, negotiations tips and tricks, and the information you need to drive away satisfied every time. We founded CarEdge in 2019 to help level the playing field for consumers. Whether you’re buying a car, getting a repair done, or selling your vehicle, our team of experts is here to help you save money and get rid of the the headache.

👉Click here to become a CarEdge Member today!