CarBuying

5 Car-Buying Mistakes to Avoid in Today’s Overheated Market

If you’re shopping for a new or used car in today’s overheated market, you’ll find that the game has changed. A variety of conditions have seemingly given sellers the upper hand.

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“Skimpy inventories and sky-high prices have caused many buyers to postpone their purchases,” says Michelle Krebs, executive analyst for Cox Automotive, a leading communication, media and automotive service company.

Postponing your purchase until the market stabilizes is the best option. But if you have to buy a car now, make sure you avoid these five common mistakes:

1. Being unprepared

This is a new car-buying environment and you may need to reset expectations. Here are the significant adjustments to be aware of before you can snag a car:

Pricing. Most buyers are paying sticker price or above, and “there is no end in sight for price increases,” says Ivan Drury, senior manager of insights for

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Shoppers Eye 4th of July Car Sales as Pandemic Expedites Car-Buying Plans

Some consumers may celebrate the birth of the nation by buying a new car, as Fourth of July car deals and pandemic concerns provide an incentive to shop.

Automotive marketplace Cars.com surveyed consumers who have an interest in acquiring a new car to see if the COVID-19 outbreak was impacting their plans. The survey found that not only were most respondents expediting their timeline for getting another car in part because of the pandemic, but 44% said they were prepared to close the deal on a vehicle over the holiday weekend.

A myriad of reasons to buy

Respondents gave a host of reasons for why they were quickly moving forward with their car-buying plans.

More than half — 52% — said they want something new, or at least newer than the vehicle they already own. More than a third of respondents — 42% — said they believed the deals

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