The automobile industry has seen a lot of supply chain problems and high inflation just like other industries these past few years, but the result is the average cost of a new car is now nearly $48,000, according to Edmunds data -- that's about $10,000 more than five years ago.
The main thing to keep in mind about this, according to "Car Pro Show" host Jerry Reynolds, as interviewed by Newsradio 740 KTRH, is that there are still bargains to be had in the search for a car, and this is the time of year to do your buying...so do not wait until the first of 2025.
He advises looking at new cars to get an idea of what you want, then try to find a deal on a used car that comes close to matching your wants and needs.
But if you're in the market for a new car, the end of the year is the best time to buy.
"Prices will come down the most this time of year when all the manufacturers are pushing for their year-end numbers.
"They up the incentives and that lowers the price, so it's gonna be good for consumers now through the end of 2024."
And it is a better time to buy used cars than it was a year ago.
"Used car prices are up as well, but they have fallen steadily this year.
"We saw used car prices last year up 40% from the prior year, but those numbers have come down now, it's probably somewhere near 25% higher than in 2022.
"That's great news if you have a trade-in, but it's not good news if you want to buy used instead of going with the new."
One of the best things about buying a new car now is there is still plenty of inventory available, except among Toyotas and Lexus, where demand is higher than stocks. But other than those, there are plenty of vehicles available, even overstocks among new cars.
And the parts shortages of the past few years have eased, but supply chains are still somewhat constrained.
"So if you've got a car in the body shop, you better be very, very patient, because it's probably gonna be sitting there a while."