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Car prices could decrease as inventory increases in 2023
The market for new and used cars may be getting more positive for consumers. Interest rates are still high, though, so you need good credit.
ATLANTA - If you’ve needed a vehicle in the last few years, you may have been out of luck. There was diminishing inventory, increased price tags, and skyrocketing interest rates.
But things are looking up.
More vehicles are predicted to be on the lots in 2023 for two big reasons. Buying has slowed and supplies are being replenished. The hope is this will drive prices down.
However, interest rates are still high and not headed down in any meaningful way, yet. That still makes the car loan beefy.
RECORD NUMBER OF AMERICANS PAYING $1000 A MONTH OR MORE FOR THEIR CARS
Here’s where a good credit rating comes in, though. Go to the dealerships' finance options on its webpage. Find the vehicle you want. You will see some dealerships offer 2.9% financing.
You don’t have to rush into things if you can still wait. Continue to save money for a down payment if you need to. But if you’ve put off buying and need to make a move, it’s looking better.