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

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[quote=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.[/quote]

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