Consumer Report breaks down new and used car market
BIRMINGHAM, Ala. (WBRC) – Consumer Report’s automotive writer, Mike Quincy, has a lot of experience buying cars, and over the last 20 years he’s purchased more than 150 for Consumer Reports’ test program.
He says the current market is unlike any he’s ever seen. In fact, he recommends people avoid buying cars right now if you can.
“I’ve never seen such a crazy time for car buyers and when you are looking at a combination of inflation, there’s part shortages, there’s still a shortage of semiconductors,” says Quincy. “Low supply, high prices, now is a very difficult time to buy a car.”
According to Quincy, supply issues are impacting used and new cars. He says that if you have an older unused car you might be able to sell it and make a killing, but if you sell your car and need to buy another, you aren’t really solving a problem.
However, Quincy says if your current vehicle breaks down and will cost more to fix than it’s worth, it may make sense to buy something that’s new to you. If not new all-together. Quincy also recommends newer cars with modern safety features if you have teenage drivers in your family.
When you hit the car market, Quincy says make sure you don’t fall in love, and don’t let the dealer know they have something you’ve always wanted.
He also recommends being flexible.
“Say you are in the market for a new car, Hyundai Accent, Mazda 3, Kia K5 are going well above MSRP. So, if you can, be flexible and say consider a Honda Accord, a Nissan Altima, something like that,” says Quincy.
Quincy also says there are some vehicles that are on-sale, if you’re willing to do some legwork and hunt down deals.
“We are talking maybe 2% to 9% off MSRP. Some popular models–the Ford F150, the Ram 1500, the GMC Sierra,” Quincy added.
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