pFor the first time in years, car shoppers are having an easier time finding a deal as the auto industry bounces back from supply chain woes — and experts say the outlook could get even better shoppers./p
For the first time in years, car shoppers are having an easier time finding a deal as the auto industry bounces back from supply chain woes — and experts say the outlook could get even better.
Inventory of new cars has built up across the country as prices for newer models climbed and consumers pulled back on big purchases amid high inflation and rising interest rates. Now, manufacturers and dealerships have launched incentives and rebates as they look to clear that supply. Manufacturer financing rates on new cars could be about five to seven per cent without incentives, which can be lower than rates on used cars but still higher than pre-pandemic levels. The used car market, on the other hand, can see rate changes more in line with central bank decisions but the prices continue to remain high, Prymak added.
Prymak suggested it is ideal to wait another six months for a better deal on new cars — especially for vehicles with tighter supply and longer wait periods which will not have good incentives from manufacturers. North American automakers including Ford, General Motors and Stellantis have larger inventory and may have better deals and incentives for customers, Prymak said. Luxury European brands, including Mercedes, BMW and Audi could also be good options for discounts.
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