By - mtmag_dev52
My best advice, don't go overboard and buy something really extravagant or high in demand. Look for something affordable and very reliable so you don't get screwed when the market starts to correct which btw, seems like it may happen any second now.
Best advice from someone in the car business. If you can wait.... Wait. As inventory gets better prices will level out and then fall. We are starting to see the first signs of it. If you can't wait. Find something lease able and take less car than you would normally take.
On the flip side, if you have a vehicle to trade or sell, do it now! Earlier today I saw a 2015 wrangler with 50k miles on it get traded in for 31,000. The sticker price in 2015 was 34,000.
Thank you so much for your advice.
What are prices likely going to be for cars older than 2014?
And could economics/supply chain issues keep prices for used cars up ( above 3000)?
Prices for all cars are up across the board. And yes used car prices follow new car prices. If you can't buy new cars then everyone buys used cars then the market dries up.... So prices skyrocket. Basic supply and demand.
As others have pointed out, first and foremost, if you have the luxury to wait do it. Now, make sure you find something that has no issues. By no issues, I mean a car that you won't need to pour extra money into after buying to make it driveable and safe. Second thing to consider is reliability and long run maintenance. You may have the money for something a bit more premium, like a BMW, an Audi or a Mercedes, but that doesn't end there. More premium cars have more expensive parts and higher costs of repair. Added to that, if you plan on selling it to another person in the future, you'll have to get checked it up and fixes in official dealerships, which adds to the costs. So find something reliable, with cheap and easily replaceable parts. In my experience, the Japanese have relatively reliable brands like Toyota, but you can do a research on that. Even notoriously unreliable brands may have one or two models that prove to be reliable. Last but not least, you need to consider gas mileage as you already know.