I am looking at getting a NEW SUV/VAN. It October 31, 2022 now two months until the end of the year. Should I try and get a car now waite until we are closer to New Year or should waite until 2023? And if I waite until 2023 what time frame would be the best to begin shopping Should I watch the economy how will it play into buying a NEW Vehicle
So the car buying market has changed a lot due to the pandemic so there isn't that buy at the end of the year or end of the quarter incentives anymore. Currently Toyota inventory is down to 48 hours compared to before when there were always cars sitting on the lot. If you need a car start shopping for it now because if you want to buy at msrp your only bet is buying an incoming allocation because on the lot units have market adjustment and/or dealership added stuff. What you should do is start contacting dealerships until you find one that is willing to sell you at msrp, then put down a deposit on an incoming allocation, get a signed buyers order, and wait for the car to be built and arrive.
If you can buy cash then great because you won't have to be worried about interest rates, but if getting a loan interest rates are increasing at least for now from what we are seeing.
With the car market & economy both being so wacky & unstable, noone really knows. Sure you could wait another 6 months to buy, prices may go up, or down by 5k, who knows. I bought a new car last year, also wasnt sure if it was a good time or not, but I wanted the car, and its been great so far.
My recommendation is this, get something that'll hold its value. That way, you can get out at almost any point and not lose much.
What are you looking at anyway?
If you need a car now, get a car.
If you don’t need a car now, wait.
If you need a car later, plan now. Find the dealers that do MSRP or better. Find out stock on hand. Find out wait times.
