Money Monday!

Car-Pay Diem? Ordinarily, I encourage clients to “seize the day” and shop end-of-year sales at dealerships, but car prices in 2021 remain high.  This is normally the time of year to see car commercials featuring a new vehicle in the driveway.  However contrary to the message in the ads, you may make this a “December to remember” by NOT buying a car. 

For the first time in history, the average new-car cost over $45,000. $45,031 to be exact.  That’s up from $40,000 at the end of last year.  Click below for more on the increasing price tag of a new car:

https://www.cnet.com/roadshow/news/average-new-car-costs-price-increase/

Used Cars are no better.  According to KBB.com, the average wholesale price paid by car dealers rose by nearly 5% in the first half of November, and the average list price for a used vehicle was 25% higher than this time last year.  In summary, unless you really need a new car, it may be worth holding off until the chip shortage and other contributing factors to these high prices subside.

For more details click the link below:

https://www.kbb.com/car-news/wholesale-used-car-prices-jump-in-first-half-of-november/

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