Lost in chaos of 2020 was the average price for a new car, which reached a record high last December. The average new car price is now over $40,000.
This is according to Edmunds, which just released a quarterly analysis of car buying trends. Last year, buyers financed over $35,000 and paid nearly $5,000 for a down payment toward a new car purchase.
On average, this amounts to a painful $581 monthly car payment, assuming the APR is below 5%.
The upswing to car prices is nothing new. Car prices have trended upward over the years. But the last quarter of 2020 may have been an outlier, according to Edmunds. The closing months of any year are typically high performing, especially for luxury brands.
As a result, there may be a slight price reprieve early this year as sales for luxury vehicles flatten and lower the overall average.
If you’re in the market for a car, you can save money on your next purchase to make up for rising prices.
By selling your junk car to Planet Auto Wholesale, you can earn quick cash that can go toward the purchase of a new or used or previously leased vehicle, which have become popular markets given the economic situation during the pandemic.
Consumers have their choice from a large supply of off-lease vehicles that are also equipped with modern technologies and features without the shocking sticker price. The average price of a used vehicle was about $27,000 including a $3,200 down payment.
So whether you’re entering the new or used vehicle market, think about earning a little extra cash first. Planet Auto Wholesale’s easy and no-hassle sales process will put cash into your pocket immediately. This quick turnaround provides a little extra wiggle room for when you purchase your next dream car.