{"id":264,"date":"2021-06-22T19:56:00","date_gmt":"2021-06-22T19:56:00","guid":{"rendered":"https:\/\/mintvalleyfcu.org\/?p=264"},"modified":"2022-04-26T20:36:50","modified_gmt":"2022-04-26T20:36:50","slug":"car-prices-hit-a-record-high-why-and-what-that-means-for-you","status":"publish","type":"post","link":"https:\/\/mintvalleyfcu.org\/es\/car-prices-hit-a-record-high-why-and-what-that-means-for-you\/","title":{"rendered":"Car prices hit a record high. Why, and what that means for you."},"content":{"rendered":"<p class=\"wp-block-paragraph\">The average new car price hit a record $38,255 in May, according to JD Power. That\u2019s up 12% from the same period a year ago.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re out car shopping right now, be prepared to pay big bucks for that vehicle. About two-thirds of car buyers paid within 5% of the sticker price in May, with some even paying above sticker. That means there are fewer deals to be had and fewer negotiations taking place. Why?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Due to a computer chip shortage at auto plants around the world, car dealers are left with a fraction of the vehicles (both new and used) than what they typically have on hand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since more people are buying used cars, they are becoming as difficult to get as new cars.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are a few things to keep in mind if you\u2019re on the market for a new OR used car right now:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Don\u2019t expect a great deal: Don\u2019t be surprised if the dealership only discounts the vehicle you\u2019re looking at by a few hundred dollars, if anything at all.<\/li><li>Search outside of your community: Not finding what you want in your area? Look at dealerships in the next town or city over. This can make a big difference in getting the car you want or getting a better deal.<\/li><li>Ask for top dollar for your trade-in: One bright spot is if you have a vehicle to trade-in, because of the shortage, trade-in values are at an all-time high. This can help cushion the pain from higher sales prices.<\/li><li>Hit pause: According to Edmunds, the vehicle shortages might last for another six months or so. If you\u2019re not in a hurry to buy a car their best advice is to wait.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Are you still considering buying a new or used vehicle right now?&nbsp;<\/strong>Click the \u201cApply Now\u201d button to get pre-approved to assure you get the lowest payment and best deal possible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Waiting it out? You could save big by refinancing<\/strong>&nbsp;your current car or truck. Click the \u201cRefinance Inquiry\u201d button below to get started.<\/p>\n\n\n\n<div class=\"wp-block-genesis-blocks-gb-button gb-block-button\"><a class=\"gb-button gb-button-shape-rounded gb-button-size-medium\" style=\"color:#ffffff;background-color:#3373dc\">Solicitar ahora<\/a><\/div>\n\n\n\n<div class=\"wp-block-genesis-blocks-gb-button gb-block-button\"><a class=\"gb-button gb-button-shape-rounded gb-button-size-medium\" style=\"color:#ffffff;background-color:#3373dc\">Refinance Inquiry<\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>The average new car price hit a record $38,255 in May, according to JD Power. That\u2019s up 12% from the same period a year ago. If you\u2019re out car shopping right now, be prepared to pay big bucks for that vehicle. About two-thirds of car buyers paid within 5% of the sticker price in May, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Car prices hit a record high. 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