Any predictions as to when used car prices will come down? IDNO a used reliable car.

[Anonymous]

My car died and it’s not worth the investment to repair it at this point. Like many, I’m looking for something cheap and reliable that will last me a few years until I graduate. Where’s the best place to look and is anyone expecting prices to go down in the spring? There’s not much on Marketplace and most ads seem to be listed by dealers. Thanks for your help.

[Anonymous]

I dont think it will happen any time sooner. I too waited for long and finally got the car. The new car prices will not drop as the parts are getting expensive, and the old car prices are relative, so they too may not drop.

[Anonymous]

not any time soon. not until next year is my guess.

[Anonymous]

I think it will take a few more years for prices to stabilize. Supply is still way behind demand, so even when the chip shortage is resolved there are still millions of people (aka pent-up demand) sitting on the sidelines waiting to buy cars. It will take a while for the market to fill all of that demand, and even when it does, I don't think car companies will be going back to their prior ways of over-producing vehicles and then aggressively discounting in order to sell inventory that has been sitting.

If I was in your shoes (student looking for a cheap reliable car to get through school), I'd buy the best Toyota Corolla I could comfortably afford. If you don't have the cash, get a reasonable loan assuming you have enough income to comfortably make the payments and cover gas/maintenance/taxes/repairs.

Corollas are not the absolute cheapest cars in terms of purchase price, but they are insanely reliable, last forever if properly maintained, cheap to maintain, and cheap to repair when they need it.

Because of these attributes, they hold their value quite well, so when you are done with school and your needs change, you'll be able to trade it in or sell it and recoup a fair amount of value compared to other cars that depreciate more quickly.

Go on Cargurus, Autotrader or one of the car search sites and search for Corollas within ~100 miles of your location. Talk to the dealers on the phone and have them quote you an "out the door price" with all taxes and fees included before you drive out to see the car in person.

[Anonymous]

Agree with PP. When I was chatting with this mechanic a few years, he told me the Toyota Corolla is the best value. Runs forever and is cheap to maintain.

I bought a used Toyota this fall. I found the best prices were at (non-Toyota) dealers. I bought mine from a Jaguar/Land Rover dealer who took it as a trade-in but who was motivated to get it off the lot. Also found a nice one at a Volvo dealer. Just look at all the online car sites, and make sure to check the Carfax reports. I always narrow my search to one-owner, no accident cars with a strong maintenance history--but for older cars multiple owners isn't such a big deal. I wouldn't by a fleet vehicle either.

Carvana and CarMax, IMO, are way overpriced.

[Anonymous]

Years. The chip factory isn't coming online until 2025. China is the largest source of our chips and they're backed up and still closing down factories.

[Anonymous]

Ignore anyone that thinks they know because absolutely no one here has a clue.

[Anonymous]

Anonymous wrote:Ignore anyone that thinks they know because absolutely no one here has a clue.

ironic post

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ignore anyone that thinks they know because absolutely no one here has a clue.

ironic post

I clearly did not claim to know just like no one else here knows at all.