Now is the Worst Time to Buy a New Car in Greenville – Here’s Why
If you were thinking about buying a new car, your timing could not be worse. The coronavirus pandemic has brought about a unique situation where new cars have become a rare commodity. As of July 2021, the average price of new cars reached a record high of $41,000 with some new trucks hovering well over $80,000. Only last year, the former figure was around $36,000. And statistics say that new car prices are only going to rise in the coming years unless we take control of this pandemic fast and stop infections.
As of now, the top used car dealerships in Greenville, SC can give you better deals. Despite the rise of used car prices as well, the average figure is still 50% lower than new cars. If you get similar quality and features from a used car, this option is way better given the uncertain economic crisis that has gripped the whole world.
Why are new car prices rising without check?
First, the COVID-19 pandemic shut down new car factories for months. This started the ripple of short supply in the market. When the factories did open after a few months, consumer confidence was at an all-time low and manufacturers predicted that people will buy fewer new cars. They produced less, the short supply continued, and prices began to rise.
Next came the semiconductor shortage, an essential element of all cars that help to control the inner working of vehicles. As the coronavirus kept people away from factories due to infection risks, the semiconductor industry could not cope with the demand as enough labor was not available to keep production units running. No semiconductors meant that car manufacturers could not produce new vehicles and the short supply situation deteriorated.
High new car prices by the starting of 2021 plummeted consumer confidence even more. Following April, people stopped buying new cars even when financing was easy. This hurt auto manufacturer’s revenue and they started shutting down factories in America. The combined effect – new car prices rose further and the average figures might not come down anytime soon.
Buy used cars instead
While the new car market was suffering, the story was entirely different in used car lots in Greenville. The pandemic actually boosted supply in used car dealerships as the American car rental and leasing companies lost business and started selling their fleet. The options available increased in the market. People found vehicles within their budget. And the easy financing available from all lenders helped the popularity of used cars.
Yes, a few used car dealerships are also seeing supply shortages. And yes, used car average prices are also high. But the benefit with used cars is that you can let depreciation take effect and buy an older model to stay within your budget. Family Auto buy here pay here in South Carolina should be the dealership of your choice. Along with easy bad credit financing, we have a vast inventory that is almost immune to short supply and you can find a variety of used cars in different price ranges. We also offer you a comprehensive 2 years/36,000 warranty and the quality of our vehicles are impeccable.
So, do not let the market conditions demotivate you. If you need a car, a used vehicle is a perfect substitute if buy it from one of the top used car dealerships in Greenville, SC. Visit Family Auto, explore your options. Buy a quality used car and forget about rising new car prices.
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