If you’re thinking of buying a new car, then now is the time to take a plunge. It has never been more affordable to buy a new car, and buyers can expect to land some massive deals as a result.
But why exactly are car prices at an all-time low right now? How can you best take advantage of this huge price dip? And what else do you need to know before you buy?
Read on, and we’ll look into the phenomenon so that you can start to take full advantage of it!
Why New Cars Need to Compete With Uber and Better Transport Links
There are a number of factors influencing the low price of cars. One of these is simply supply-and-demand. Right now, fewer people than ever before are investing in automobiles, which in turn is owing to changes in the way we get around. Improved public transport and a higher number of transport links – especially among larger cities – is causing many people to take the bus or the train instead.
City dwellers in particular will also find that roads are packed with vehicles and that they can actually often get around quicker by using these other options! Uber has made an impact too: ensuring that there is always a ride available for an affordable price when you need it.
The general view of automobiles has also soured over time. No longer is this an exciting new technology, or a symbol of freedom and empowerment. Today, cars are associated with greenhouse gasses and harmful emissions. Electric vehicles and ride sharing are therefore becoming much more popular, leaving car dealers and manufacturers eager to try and shift their inventory.
Lifestyle Factors
Meanwhile, fuel prices have been going up and up and it has become easier than ever to attain second-hand vehicles for less (which is thanks to a lot of car recycling sites).
Then there is the small matter of the economy. Right now, the average citizen – especially young person – has less money to spend than they have done previously. This is owing to the lack of available jobs, not to mention soaring costs of living. Many people simply can’t afford to renew their cars as often as they previously have, especially as a new car is often considered a luxury.
Of course, a car itself is often not a luxury, but seeing as you can use a second-hand vehicle, or just avoid exchanging vehicles as frequently, there are still plenty of ways to get around and to bring your shopping/luggage with you. And of course, seeing as cars are better built than before, they also tend to last longer – further reducing the need to upgrade over time.
Manufacturing
Another thing to consider is the simple fact that technology tends to become cheaper with time. Consider your average 4K television. There was a time that this would have been a purchase for thousands of dollars, but today it’s significantly more affordable. In fact, the average television is now a 4K television!
The same goes for automobiles. Today, it is easier than ever before to source parts, while factories and assembly lines are more efficient than ever before. Of course, many newer vehicles include additional features like self-parking and the like, but if you’re just looking for a basic car, you can get one for much less than ever before.
With all these different factors playing a role, it’s no surprise that car prices are dropping. With more inventory, manufacturers and sellers are encouraged to lower prices in order to shift stock. And with costs going down, it’s also easier for them to make the sale.
How to Take Full Advantage
If you want to take advantage of these lower prices, there are a few things to consider.
First: even though you might not need to upgrade your car right now, you should potentially consider doing so simply so that you can take advantage of these extremely low rates.
Likewise, you need to know where to look. Keep in mind that car manufacturers often don’t want to advertise their best deals alongside their other inventory, as they can end up cannibalizing their own sales! Instead, they will often use remarketing and other advertising to show the cheapest deals to prospective buyers that have since left the website.
Remarketing means that a website will place a tracking “cookie” on your computer, both so that they can store your log in details and so that other websites can see that you have visited there. This allows advertising to show you things that you might be interested in. Such as a car that you perhaps looked at for a while but didn’t buy, now for a much lower price!
Signing up to mailing lists can also help you to spot those lower deals.
Whatever the case, car prices are dropping, and if you know where to look and how to take advantage of the trend, you can land yourself some amazing deals.