You might be wondering whether now is a good time to buy a car or whether you should hold off for a while. But according to a recent article published by one of the automotive experts at Kelley Blue Book®, right now is a very good time to buy a car whether you’re interested in something brand-new or a quality used model. To help you make the right decision for you and your family, here are some reasons why now is a good time to buy a car at Hopkins Acura of Fairfield in Fairfield CA.
Interest rates are actually near historic averages
You might be hesitating to buy a new car because interest rates have been raised significantly over the last couple of years. But it helps to get some historical perspective. Car loan interest rates reached a peak in the 1980s, hitting 17% in 1981. From that time forward, car loan interest rates gradually declined reaching a low of 4% in 2015. But that long period of extremely low inflation and low interest rates is something of an historical anomaly.
Today's average car loan interest rate for well-qualified buyers is currently in the neighborhood of 7.5% which is close to the historic average. Obviously, it's a far better rate than the 17% level our country experienced in 1981. The Federal Reserve has signaled that it intends to keep interest rates high for many months in order to tame inflation. When you consider that today's car loan rates are near historical averages, it makes a lot sense for Concord and Napa buyers to move forward with a car purchase knowing that you can still get an APR that's not far from the long-term average.
New car prices recently declined in spite of the strike
Surprisingly enough, Kelley Blue Book reports that new car prices have recently dropped a little even though the strike could eventually restrict supply and cause some prices to risen. What's more, used car prices have started to go up, giving us all a signal that the trend will continue. The auto workers’ strike is generating headlines but hasn't affected prices yet. The fact is, the strike could continue and eventually prices could start to elevate. That's why this may well be an optimum time to take advantage of car prices that are still at very reasonable levels.
What's more, Acura dealers like Hopkins Acura have been maintaining new car prices at MSRP levels to keep our Acura sedans and SUVs as affordable as possible. In addition, the auto strike affects the Big Three domestic automakers but Honda and Acura are not being touched by the limited work stoppage that has generated so many headlines. Experts at Cox Automotive have suggested that the strike could affect the overall market but right now, the environment is still favorable because of the limited nature of this strike.
You can get an excellent trade-in offer on your current car
Car dealers across the country are experiencing a shortage of used vehicles. That's one reason why we're making outstanding trade-in offers on quality used models right now to shoppers from communities like San Francisco and Oakland. All across the country, car dealers have about 8% fewer vehicles available today than they did a year ago. That's why you can get a very attractive offer on the used car, truck or SUV you're driving right now and that can help you take a big step toward paying for your next vehicle.
Take advantage of today’s excellent buying environment
We're in the market for good used vehicles and we will make you a generous cash or trade-in offer right now. This situation is very favorable for car buyers but it won't last forever. That’s why this is a very good time to capitalize on the current very positive trade-in environment. We invite you to shop our new or pre-owned inventory and explore the possibilities at Hopkins Acura of Fairfield in Fairfield CA.
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