Were you planning to buy a car in 2020, but then the pandemic hit? Are you asking yourself, should I buy a car in 2022? Are you wondering if now is the time, with talk of supply chain disruption, chip shortages, and cars stuck in shipping containers around the world?
While the last couple years have been full of uncertainty, there are a few things we know now that can make buying a car in 2022 a great idea:
More inventory than 2021
2021 was marked by delays and shortages in nearly all industries, and cars were no exception. However, the shortage created a demand for used cars. Many secondhand dealers, like Carmax, purchased a lot of cars at top prices during the fall of 2021 to meet their demand. As supply chain issues relax, there will be more used cars available for great deals throughout 2022.
Prices are dropping on new inventory
With the shortages of 2020 and 2021, dealers were able to charge $10,000-$20,000 over MSRP. As more people buy pre-owned cars, and more new cars arrive in North America, prices are coming back down on new inventory. You will have options ahead of you.
MSRP is a good deal right now
If you have good credit, paying the MSRP (manufacturer’s suggested retail price) is going to be an excellent deal right now. Due to the shortages of 2021, banks were loaning money with high interest rates to all but the best-qualified buyers. If you can get approved for a loan and find a car selling for the MSRP, you’re going to get a deal.
Still hesitant to buy a new car in 2022? Here are a few ways to improve your ride without going all-in on a new purchase!
Get your car detailed
A thorough detailing will take a few hours and cost a couple hundred dollars, but it will make your call feel like new again. It has the added benefit of extending the life of your paint job and catching dings and nicks early, before they become bigger cosmetic issues.
Invest in new tires
You probably haven’t been driving as much in the last few years as you were pre-pandemic. When was the last time you got your tires rotated—or purchased some new ones? For less than $1,000 (and much less than the cost of a new car), you can improve your ride significantly.
Upgrade your driving experience with LoJack
Are you near a LoJack-equipped dealer? With LoJack, you can keep your car protected and connected. Not only will you be instantly notified of any recalls or scheduled maintenance visits, you’ll have an extra level of protection in case your car is stolen.