Buying a new Vehicle
I am looking to buy a new vehicle in 2022! It’s certainly a challenging time!
According to the department of labor, used car prices are up 37% in 2021. According to Ivan Drury, senior manager, of insights for the auto website, Edmonds, the average used vehicle now costs $29,000.
I am very price sensitive. I want to get the best vehicle for my money. I typically buy a standard vehicle, nothing top of the line.
I also, don’t want to pay more than what the vehicle is worth.
It’s important to do your research so you know if you are getting a good deal on a vehicle. Go to KBB.com (Kelly Blue Book)
This website allows you to research new & used vehicle prices. This is so very helpful! When you find a vehicle your are interested in, go to kbb.com & input the information so you can make the best decision for your financial situation.
Right now supply levels for vehicles are low, so this means demand is high. In return, this pushes up the cost of vehicles making them more expensive.
So, the answer is: when supply levels come back to normal.
According to the Kipling Personal Finance magazine, analysts are predicting supply levels should come back to normal or near normal by the end of 2022.
I sure hope so, because I am looking for an SUV.
You will want to research to make sure you are getting a good deal. You always want to do your research. Being in the know puts you in the drivers seat especially with your finances.
Go to kbb.com (that stands for Kelly Blue Book) and check out the information they have there. They will give you the suggested retail value of the vehicle you are interested in. You can also go to NADA to get the value of a vehicle.
Having the best interest rate assures you the lowest car payment possible.
It also ensures you have the BEST insurance rates for your car.
To get your FREE credit report, go to annualcreditreport.com
You will not get your credit score, but that’s ok. You just wan to make sure all the information is reporting correctly. If you have negative information reporting, make a plan to get it in good standing.
According to Kiplinger’s Personal Finance magazine SUV’s, trucks & minivans are in short supply. This means prices will be higher if you want one of these types of vehicles.
I live in northern MN, so an SUV is important to me. You have to decide what is important for you and your family.
It looks like cars are not as high in demand and the price may reflect that. Likewise, it may be easier to find a new/used car.
For me a car is not in the picture because I live in northern MN and it’s easier to get through the snow in an SUV or truck.
I am in this predicament right now. This really comes down to your personal goals, values, and risks you are willing to take.
For me, I am going to take on the risk of paying for repairs and the risk of hoping vehicle prices come down.
It really comes down to supply and demand. When supply levels return to normal, prices will come back down.
I certainly have to do more research on electric & hybrid vehicles, but it’s always an option and I’m open to it. The price would definitely have to fit into my budget.
Other things to consider when buying a hybrid or electric vehicle:
Electrical costs – when you plug the car in, how much will it cost in electricity?
Where will I fuel up or plug in?
How much time does it take to recharge?
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I hope you found this information helpful!
Any recommendations I make should be taken into consideration with your values and goals. You should make the best decision that aligns with your family’s values.
As a Financial Coach, my mission is to help families save more, spend less so they can buy and do the things most important to them and spend their time and energy focusing on their kids.
Spending quality time with your kids is more important than stressing about finances. Instead of going to friends and family and sharing your financial struggles, reach out to me. I love talking about money, values, assessments and strategies to make positive changes to your financial habits to live a life you love.
I understand because I’ve been through some really challenging financial situations. Learn more about me.
I’m a kind, heart-centered coach who is excited to help you! If you’re struggling with your finances, get the results you want – I promise to keep you accountable and help you manage your finances successfully . I have a 100% guaranteed or your money back for the 1st session!
Finally, I wish you success in your financial journey😊
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