What’s going on in today’s car market and how can one navigate it?

• Aniya Faulcon
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  Aniya Faulcon is The Spark Host/Producer for WITF. She has a passion for shining a light on unique people, experiences, and perspectives within the community.
  
  Previously she worked as the People and Social Trends Reporter/Video Anchor for LancasterOnline | LNPNews. During her time there, she created video packages, provided Facebook Live coverage at community events, and wrote data-driven stories with census data and feature stories on local leaders, non-profit organizations, events, and people with unique talents and experiences within Lancaster County.
  
  Aniya also worked at WMAR ABC 2 News as a Sales Assistant and at the AFRO American Newspapers as an Executive Assistant and Media correspondent. Aniya interned at WEAA Gospel Grace 88.9 and worked at her alma mater’s radio station, WWPJ at Point Park University, where she gained skills and a passion for radio.
  
  Aniya grew up in Baltimore, Maryland and attended the Baltimore School for the arts for high school with a concentration in acting. She continued to hone her skills and passion for storytelling and later graduated from Point Park University in 2018 with a Bachelor of Fine Arts in Acting and Broadcast Reporting. Aniya is eager to continue her journey with storytelling in her role with WITF, as she aims to shed a light on real people and real stories within Pennsylvania in a variety of mediums.

 Matt Rourke / AP Photo

Used cars for sale on a lot at a dealership in Doylestown, Pa., Friday, Feb. 4, 2022.

Airdate: August 18, 2022

It’s been known that when you leave the lot of a car dealership with a new car, the value of the car depreciates immediately. However, in today’s car market the tables have turned in the favor of used car owners.

According to the U.S. Department of Labor statistics, used car prices are up nearly 40% from last year. New cars are only up by 12%.

Ivan Drury, Edmunds’ senior manager of insights, said we’re in this predicament because of a depletion of inventory and microchips, and COVID-19 protocols on assembly lines.

“We are seeing that virtually every single used car, and we’re talking about one year old, three year old, nine year old cars are up in value,” Drury said. “We’re just at this point where people can’t get what they want and even if you do order a new car today, you’re going to have to wait and it might not even be fully equipped in the manner in which your accustomed to because it might be missing a chip or two for certain options.”

Drury also said in today’s car market, it’s better to buy a car than to lease one, as lease payments are expensive right now and comparable to the cost of buying a car.

Here are some tips that he gave on negotiating:

1. Shop your existing vehicle to as many outlets as possible
2.  Shop around for the best interest rate
3. Be confident
4. Do you research to find out the market rate for your vehicle
5. Research add-ons for your desired vehicle and decide what’s necessary
6. Look over your purchase contract to learn common auto terms

Drury said it’s important to find out what deals are available at dealerships, the published and unpublished ones.

“Ask the dealer what are the incentive programs available or go to the automakers website because they publish these incentives,” Drury said. “…They adjust these incentive programs every single for sales day of the month. So, be aware. People think you actually have to buy on a holiday, that’s really not the case it’s the same incentives throughout the entire month.”