Kelley Blue Book this week reported the average total price of a new vehicle in the U.S. is above $50,000 for the first time.
The increase is attributed to three factors: tariffs, a rush of electric vehicle buyers before federal tax credits expired and a surge of luxury car buyers.
“Stunned,” said Richard Herod III, who founded Car Guy Concierge to help people navigate buying and selling vehicles. “That news came after me realizing in the last 30 days, I’ve seen monumental shifts from carmakers to make cars more affordable.”
He pointed out a number of automakers are now offering low financing.
“You have import brands like Mitsubishi and Nissan offering zero percent APR and not just for three years, for five years, which is nuts,” said Herod. “Consumers can find a really good deal on a car when that hasn’t been the same for the last few years.”
He recommends car buyers ask about other discounts, including for service members, first responders and wholesale club members. According to Herod, it could save a buyer anywhere from $500 to $2,000, or more.
He also suggests analyzing potential tax savings while deciding whether to trade in an older vehicle or sell it on the marketplace.
“Trading the car in and saving the sales tax makes that worth doing rather than selling the car on their own,” said Herod. “If you can trade it and get a lower interest rate on a new car, you might end up with a payment that actually surprises you or makes you happy compared to a deal you could’ve gotten six months or 12 months ago.”
Owners who plan to trade in a vehicle should get familiar with its value on Kelley Blue Book and negotiate the trade-in offer.
Additionally, he recommends that people who are buying a used car check the CarFax report thoroughly for any past damage.
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