Is Now a Good Time to Buy a Car?

July 20th, 2023 by

a family running to a 2023 Honda Odyssey

Throughout 2022 and leading into 2023, you’ve probably heard that this is one of the worst times to buy a car. While there are industry-wide inventory shortages, that doesn’t mean it’s the wrong time to buy a car — especially if you need one. If you’re looking to buy a car in North Plainfield and trade in your old car, the extra boost in value could very well more than offset the higher prices of new and old vehicles. This guide will discuss whether now is a good time to buy a car and provide some tips to deal with these times.

Is Now a Good Time to Buy a New Car?

With everything, it depends on your situation. However, if you can buy a new car, here are some things to ensure you get the best value for your money. First, consider the value of your trade-in and how it helps offset the price of your monthly payments. Second, calculate how many cars you can afford. If you know your budget for a vehicle, you can look into the market and decide on the best car for your budget. When calculating your budget, consider the total price of the vehicle – monthly payments, car insurance, gas, and vehicle-related subscription services. Third, talk to the finance team at a dealership about your options if you are interested in shopping with us at VIP Honda. Our team is ready and able to help you upgrade your car.

Is Now a Good Time to Buy a Used Car?

While used cars have been more expensive than expected, that’s okay. The same tips for buying a new vehicle apply to buying a used car. If you don’t have a trade-in, that’s okay. The recommendations regarding budgeting are still relevant. Don’t be afraid to walk away if the price is not working. The best time to buy a car is the time that works for your finances. We at VIP Honda look forward to discussing your financing options.

Is Now a Good Time to Trade In a Car?

The answer depends on your situation. If you plan to upgrade your car, you can use that value to offset the monthly payments for your new or used vehicle. If you are not planning to upgrade, holding onto your vehicle is best. When you are ready to upgrade your car, we will assist you.

Bring It All Together

If you are concerned about the economy and want to hold on to your current vehicle, that’s fine too. However, don’t hold on to something because others say you should. You know your finances; if you are ready, contact us at VIP Honda.


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