It seems as though we are over the COVID-19 hump and the light at the end of the tunnel is near, so many people are wondering if now is a good time to get a car. The simple answer is… maybe?
Okay, maybe it is not that simple, but what about the world we live in now seems simple? The reality is that the automobile industry is in “crisis mode.”
Right now, there is a massive shortage of inventory for a variety of reasons. First off, nearly everyone is having trouble finding employees, meaning that manufacturers, dealerships and banks are all short-staffed. Secondly, there is a shortage of computer chips that are needed to operate a car’s computer system. When you add all of this up, there is not enough inventory being produced to accommodate the current demand of buyers. What does that mean for you? Well, low supply and high demand is not a great recipe for pricing. Everything is overpriced, so if you can’t wait, be prepared to pay more than you’re used to.
After considering all of these factors, who should be looking to get a new car right now? As mentioned earlier, suppliers are having issues with inventory, so they need something to sell. The beneficiaries of this situation are people who have time left on their leases. With the current demand for cars being so high, most people who still have time on their leases are being bought out. Some are even able to access equity in their cars to help with future payments on a new car.
If you have a lease with time left and you want to get out of it early, give us a call at (732) 637-8333 to discuss what options you have. More than likely, we can get you out of your lease and possibly put some money in your pocket.