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Today on Auto Insider, Ray and Zach discuss what you need to know about buying a car during the Covid-19 pandemic. Ray explains what manufacturer incentives are in place to help dealerships sell more cars, and why prices are so high right now (supply is low).
If you’re looking to buy a car right now you may want to think twice. There are a lot of car buyers in the market right now, and with a shortage of new cars, prices have gone up considerably.
Ray also discusses his take on private party purchase versus going to the dealership.
Well actually I’m considering selling my current car and buying another car. But is it really a good time to be doing that?
Part of my personal “ledge” is I’m a 1099 employee have been for a year this latest stint. This isn’t the first time over the past 7 years I’ve been a contractor 3 times.
That’s always a risk going into the purchase. Now back in May I saw a great year end model car that I really loved. But I knew I was upside down on my current car though I didn’t think the dealer would lowball my by $7k maybe $4k. That killed it for me even before I even looked at any of the typical piece of paper you know the one with the cross in the middle where they put a piece of info about the “deal” in each of the 4 parts and tell you this is what we can do. When in reality it’s what they need you to pay. I of course walked out. Because if they run a ad for a payment at $499/mo I’m not doing their deal of $845/mo just so they can double dip their profit. Once on the trade in because there either taking it to auction at $12k profitability of $2k and the built in profit on the new one.
Especially when KBB on mine on trade in is $12,500.
Now today my KBB trade in number on mine is $13,250. Sure I need to polish it up and sell it privately which i have an add out. But the question you posted is. Is it a good time to sell and/buy? Because COVID seems to be a rough time?