Whether you’re looking to upgrade your current ride or need to add a vehicle to your family’s fleet, the auto market is vastly different than it used to be. Prudent shoppers need not only be aware of what’s going on but how it impacts their searches for used cars.
New Car Shortage
While most auto manufactures are still producing their top-selling vehicles, not all of these cars, trucks, and SUVs are actually available. The Covid-19 pandemic led to a shortage of certain computer chips that are necessary for new vehicles. That means drivers are currently waiting for their new purchases to actually become available.
The shortage of computer chips mixed with an overall supply-line delay means there just aren’t as many new cars available as there usually would be.
Used Cars Are In Demand
Shopping for used cars has always been popular among drivers who are looking to save a little money on their next vehicle. Since there are fewer new cars available, even shoppers who tend to avoid used cars are looking at pre-owned options for their vehicle needs. You’ll also see an uptick in interest in used cars due to people being hesitant to take public transportation to guard their health.
Many dealerships are even offering online buying options to help make purchasing a used car easier than ever. While this ease of shopping is great for customers, it means dealerships are selling out of their inventory even faster. In fact, many auto dealers are even paying top dollar for pre-owned vehicles that they can turn around and sell for a massive profit.
With a high demand for used cars, automobile supplies are simply lower now than they’ve been in a long time. When there is a low supply and a high demand, prices tend to soar.
Don’t Despair. Great Value Is Still Out There
With the rising prices of used cars and the shortage of inventory across the board, drivers looking for solid value in their next purchase shouldn’t give up hope. The trick is to look at the right kinds of used cars.
The reality is that not all car brands are created equally when it comes to value. While there are plenty of similarities among modern automobiles, some manufacturers have higher rates of dependability and overall better resale outcomes.
Take Hyundai, for example. This popular brand makes a full lineup of vehicles that meet every need around. From full-powered SUVs to sleek and sporty cars and everything in between, drivers can find anything they could need at a Hyundai dealership.
More importantly, Hyundai vehicles come at an overall lower price at both the dealership at the mechanic. On top of Hyundai’s attractive prices and popularity, you get an extremely dependable vehicle with stellar safety and reliability scores.
Because Hyundai vehicles are the total package, they make ideal used cars. More importantly, you can still find plenty of Hyundai’s used cars at your local dealership. That means drivers who are looking for a great value on a great car aren’t out of options. In fact, these shoppers may even end up with a better vehicle at a greater value than they expected.
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