Reply to Do you think there will eventually be a glut of cars, and if so, when?

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[quote=Anonymous][quote=Anonymous]NP. What about the used car market? We prefer to buy a car that is a few years old, not new. We have a 13 year old vehicle that we'd like to replace rather than pour money into, but have been holding off the last year due to how tight the used market is.

It seems like once supply chain gets addressed, a lot of people who have been waiting on new cars will get them, and we'll see more 2018/2019 vehicles on the market, right?

I have been getting impatient and started talking to dealers about a few cars. The pricing is actually fine (we're looking at 3-4 yr old wagons and hatchbacks with less than 40k miles and above base model, and finding things in the 19k-24k range, which is our sweet spot). [b]The issue is that inventory is so limited. [/b]We have a handful of models we're interested in and if we decide to buy now, we will really have to hunt for what we want. I'm hoping for an influx of slightly aged cars in the next 6 months or so just to make the process easier.[/quote]

That inventory is limited because you're basically looking for a car that was purchased right before the pandemic. We bought one of those vehicles and we are probably going to sit on it for 7-8 years given the craziness in the car market. We'd love to upgrade to an EV but it's just not in the cards for us given the current market.

I think we start seeing a glut of ICE vehicles once the battery manufacturing and chip issues are sorted out. EV prices will come down a bit from their current average price of $52K. The low-end EVs just are not available right now as the manufacturers focus on putting chips and batteries in higher margin EVs.

So, probably 2-3 more years. [/quote]

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