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The new X7 looks like a faakin’ Kia….
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Personally I would wait, however there’s really not an end insight for this whole chip problem that’s causing price surges.. so if you need a car go get one but if you can wait I would and just try to find the best deal.
If the location really makes that much difference it’s worth travelling! I’ve purchased several of my last cars from out of state dealers (live in NJ, bought cars in DE, NY and CT) in pursuit of better prices.
Google1, I almost decided to wait. I am able to rent a car using my company discount ($550 monthly rental, no insurance required)
That’s a great deal. If you get a decent car for that just stick with that for now. The market will definitely improve; timing is the issue.
OP — you’re logic is valid. I’ve been looking at picking up a few toys for ~3 years now, and stopped myself from pulling the trigger bc the auto market will plummet. Check out repo rates & auction sales rates. Prices are starting to fall (increasing deceleration) and the volume reflects decreased demand as well
My take: q1 - q2 ‘23 is a solid estimate
I’m in the same boat as you. All this time allows for a bigger down payment too to offset the rising interest rates
Used car market has slowed and is continuing to decline. Not sure how well that translated into the new car market. Your Auto Advocate (YAA) has great info on stuff like this on their YouTube, IG, and website
Pro
Hold off as long as you can. Prices will fall as supply catches up, now that the supply chain issue with semiconductors are getting resolved.
Honestly you should only be paying half that for a 530. No money down. Just feed and taxes at signing
I would never put cash down on a lease. Why throw away capital on what is essentially a very nice rental. Plus, every 1000 is worth $20 bucks on payment. That 100 bucks a month reduction is worth it to you?
I am on the same boat here, no cash down for lease. Just postef quote, I am shocked it is 50% more than standard price.
Car financing segment is due for a crash…. very similar to housing mortgage in 2008. Repos are the highest in 20 years, the insane prices (used and new) have car owners under-water (debt higher than car value, so average buyer in 2023 would have to put $5-10k to close old loan and get a new one; it won’t happen and people will drive their cars 6-8 years instead of 3-5).
Car financing will be tight going forward, that will significantly impact demand.. my logic to defer buying for 6m.
However, will chips and supply continue very tight next year? that would change decision
Thank you PwC1 for confirming! This is slso a great opportunity for shorting car related stocks, as it seems investors are dismissing the writting on the wall (higher interest rates are also decimating demand these days)
What source(s) are you following for repo and auction data?
What were you driving? What is wrong with buying pre-owned?
I was driving A5 (which was took over), it
was her car that seized last week.