Getting your graduate behind the wheel - what you need to know about the state of the car market
PITTSBURGH (KDKA) - With many graduates coming out of college or even high school, families look to the need for another car.
However, as of late, the car market has been all over the place.
So, is now the time to buy or not?
There are some thumbs up according to one expert's report, but also some words of caution. Remember, last time we checked in on the car market, we were hearing a lot about supply chain issues.
"Today with both new and used cars, there is an abundant inventory," said Brian Moody of Kelley Blue Book. "It's roughly double the amount of cars nationwide versus about a year and a half ago."
Moody did say that while that supply is up, it still depends on what you're looking for.
"Let's say you wanted a car under $15,000, under $10,000, those cars are the hardest to find," he said. "The prices are trending down, so that's good news, but the interest rates remain high."
He added that incentives can help, but look carefully when it comes to what is being offered.
"Find that one car that has very generous incentives, while the car right next to it has absolutely nothing," he said.
You may find a new car with incentives the same or cheaper than a newer used car, which will have a higher interest rate. In this case, if you're shopping for a graduate, he recommends going for an inexpensive car with safety features and trying to pay cash.
Moody also said you need to "try on" a car the same way you would new clothing.
"Bring your stuff, give the driver's seat an adjustment, adjust all the mirrors, and make sure that it's going to work for you - that's the whole point of the test drive," Moody said.
He pointed out that the fit of the care is a safety issue. The driver needs to be comfortable and know they have control of the vehicle. If it doesn't fit? Give another one a try.
Finally, don't worry about the rolling eyes of the salesperson when you're trying out and test-driving multiple cars - it's a big purchase. You want it to feel right. If the salesperson is impatient or you feel rushed? Head somewhere else or ask for another associate.
Remember, it's your time and your dime.