Will new car prices drop in 2023 Reddit
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Given that new car inventory will still be low for the next year or so (see Toyota/Honda latest production cuts), used car market won't go back to pre-pandemic levels any time soon. Show Peaked? Yes. Dropping? Yes, slowly. Buying a 3 year old Nissan Altima for $8K like the good old days? No, and probably not for a long time until new car market gets back to normal production levels (2-3 years). Then you have to deal with the shortage of leased cars coming back onto the market during that time because everybody is buying out their leases and nobody is leasing new vehicles. I’ve already noticed unpopular models and segments like full size sedans are dropping like flies. Cars such as Maximas, lacrosses, 300, cadenzas, even some Toyota Avalons are way less on the wholesale side which has translated to the most reasonable pricing rn. Granted, the luxury models are even lower but nobody is buying these cars anymore that’s why they’re all getting discontinued if not already Create an account to follow your favorite communities and start taking part in conversations. Join Reddit r/UsedCars I'm going off to college and next year I'm thinking about buying a used car. Any predictions on what used car prices will be like? level 1 If I look in my crystal ball, we are past the peak of highest used car prices, prices will normalize and return a little to normal but I think we have 2-5 years of "higher" used car prices. I expect a car bought today would be worth moderately less comparatively in a year's time. level 1 The supply issues might not resolve but higher interest rates may have an effect. level 2 …and higher repossessions. level 1 It'll never return to what it was before the pandemic, it'll settle somewhere in between. You've probably noticed the price of all goods have gone up pretty dramatically, too bad pay isn't keeping up with the cost of inflation and goods level 2 Yep, our raises look like a dang joke level 2 The thing is if pay was adjusted to match inflation that would end up going down a never ending spiral of worse inflation unfortunately. level 1 My used car that I bought cash for a little over 1k in 2018 is now worth at least double with 25 thousand extra miles!!! I’m with it until it dies because car prices are so crazy. Being at college should/ hopefully, allow you to have free/low cost transportation. Better than all the extra costs of a vehicle. level 1 I bought a new car in may 2020, i was the only person at the dealer lot that sunday and i could just about name my price for a new car. Fast forward to today and its the opposite. Its 2 years from an extreme over supply to extreme under supply. Things will normalize because they always do and dealers want to move cars, not have people sit on the sidelines. level 1 My suggestion: look for electric bike option if possible. Used car prices will drop very soon, check closely, they should have dropped already. Why
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In the sense that the prices now will seem normal, Yes. I worked for DMV with used car dealers from 1999-2020. Cash-For-Clunkers doubled the prices of used cars and they never came down. It's like drugs, once a new, higher price is accepted by the market, it NEVER comes down. Hello, I'm on the verge of buying a used car, however I need to hear your thoughts on some issues. For the last 6 months the prices of used cars have soared (I'm from Eastern Europe, but I guess that is the case - with various increases and local factors in charge - pretty much everywhere in the 'western' world). So: should I buy a highly overpriced used car today (I'm talking about a 50-100% increase in prices right now), or should I wait for let's say next year. Given the global crisis in the (very) near future (and present, of course), what's your vote: YES: The prices of used cars will rise dramatically. Buy now or you'll regret it, because cars will be much more expensive in 2023 and the next 5 years. NO: Don't be stupid, just wait the crisis to pass, cars will be cheaper next year. P.S. I tried to find some info on used cars' price during & after the 2008 crisis, but didn't find much answers. Some say during & after the 2008 crisis, people sold their luxury cars, which could be bought cheap (I'm not looking for anything luxury, just a 2004 Honda CR-V), others say that used cars' price went up in 2008 and stayed up for at least 5 years or more. I don't know if the approaching 2022 financial crisis could and should be compared to the 2008 one, but I'm seeking for any insight, upon which to make a decision. Will new car prices go down in 2023?This has fueled demand for used cars. Average prices were up 42.5% in September 2022 vs. February 2020. Used car prices have likely peaked, but new car prices are set to remain elevated through end-2022. In 2023, prices are expected to decline by 2.5% to 5% for new cars and by 10% to 20% for used cars.
Will 2023 cars be cheaper Reddit?Car prices are on rise in 2023 like 4.4% average : r/wallstreetbets.
Is 2023 a better time to buy a car?There's a good chance used cars will get more affordable in 2023, since prices seem to have already peaked earlier this year. But new cars could remain expensive if the chip shortage isn't addressed.
Will car prices go down by the end of 2022?When new car production resumes, prices for new cars should fall. According to recent industry data, this might happen as early as 2022, with the market returning to normal by the end of this year or early next year.
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