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Vehicle Prices Expected to Remain High Until November

By Liz Opsitnik
Thursday, Aug 27 2009 13:06

During the popular cash for clunkers rebate program, inventory dwindled down to low levels, as almost 700,000 consumers bought a new car. Dealers who had too much inventory on their lots before the government program started now don’t have enough.

Supply versus demand caused vehicle prices to increase. And until manufacturers send dealers a supply of new cars to replenish the ones sold during the CARS program, expect to pay a premium for a new car if you must buy now.

Auto industry experts say that for September and October, usually peak car buying season, inventories will be low, there will be fewer choices and shoppers should expect to pay higher prices, CNNMoney.com reports.

After dealers receive their shipments of new cars, the prices should fall to pre-cash for clunkers levels, as demand drops and supply increases. Experts say if you wait until November and December to buy a new car, you’ll be able to take advantage of better incentives and bigger discounts, as that time of year is typically slow for car sales.

Hyundai Elantra

If you didn't get to participate in the government's cash for clunkers program, experts say you should wait to buy a new car until November, as inventories are low right now and prices are high.

 

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Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.



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Comment By: ron on Thu, Aug 27 2009 at 2:57 PM
So what are dealers going to do until November? Sit around and do nothing like they did before cash for clunkers?

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