Should I buy a new car now?
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Should I buy a new car now?
I have been meaning to purchase a new car since 2019. The only reason I didn't because if I buy in January 2020, I do not pay property taxes on the car for the whole year. Long story short, i blew my purchase window. Should I just suck it up and pay the sky high prices? Here are a few more details:
1. Brand new vehicle only.
2. Cash purchase. No loan unless there is an advantage. I will pay it off in a couple of months.
3. Looking at Lexus RX350 SUV. Not much inventory within 250 miles of me (Kentucky). Would pay above sticker with useless fees tacked on.
4. Keep my cars for around 10 years.
5. Have a 2012 Honda Accord with 96K miles on it that i could trade but I do not have to.
6. This is more of a want not a need. Wife wants a luxury car and does not want to drive the Honda anymore. It is a top of the line Honda we purchased brand new.
7. RX350 is rumored to be coming out with a new version for 2023. Would want the new version if rumors are true.
1. Brand new vehicle only.
2. Cash purchase. No loan unless there is an advantage. I will pay it off in a couple of months.
3. Looking at Lexus RX350 SUV. Not much inventory within 250 miles of me (Kentucky). Would pay above sticker with useless fees tacked on.
4. Keep my cars for around 10 years.
5. Have a 2012 Honda Accord with 96K miles on it that i could trade but I do not have to.
6. This is more of a want not a need. Wife wants a luxury car and does not want to drive the Honda anymore. It is a top of the line Honda we purchased brand new.
7. RX350 is rumored to be coming out with a new version for 2023. Would want the new version if rumors are true.
- SquawkIdent
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Re: Should I buy a new car now?
Reread the second sentence of number 6.
Trust me, that answers your question.
Trust me, that answers your question.
Re: Should I buy a new car now?
Your call; you don't need our permission. Not something I would do but I'm not a car person. I have my 2008 RAV4 with only 110K miles on it and hoping I can keep it for another 5 years or so - it is pretty reliable; it will probably die of old age before I rack up a ton of miles. With routine maintenance and a good mix of highway miles, a Honda or Toyota should easily go 200K.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: Should I buy a new car now?
It's not news that it's a bad time to buy a car right now. What's unknown is how long before things get better. The last 2 cycles for the RX were 6 years (04-09, 10-15) and the current one is already 7, so I believe the rumors. If you buy now, you'll suffer 3 big depreciation steps. New car, return to normal market and new model, so really poor timing.noriskfinance wrote: ↑Mon Jan 17, 2022 3:52 pm7. RX350 is rumored to be coming out with a new version for 2023. Would want the new version if rumors are true.
It's best to wait about 6-12 months (or 18 months if they delay the new model another year -- unlikely). By then, you'll probably pay more for the newer model, but hopefully the parts shortage and supply crunch should be resolved.
Re: Should I buy a new car now?
One thing about inflation is the prices never go back lower. They may stop growing yes, but going back, I do not believe that will happen.
“Every deduction is allowed as a matter of legislative grace.” US Federal Court
Re: Should I buy a new car now?
Any prediction when new car prices revert to 'normal'? Past predicted times come and go and still no signs of 'normal new car market yet'
Re: Should I buy a new car now?
Re: Should I buy a new car now?
Sounds like your wife has already made the decision for you.noriskfinance wrote: ↑Mon Jan 17, 2022 3:52 pmShould I just suck it up and pay the sky high prices?
6. This is more of a want not a need. Wife wants a luxury car and does not want to drive the Honda anymore.
This isn't just my wallet. It's an organizer, a memory and an old friend.
Re: Should I buy a new car now?
2. Cash purchase. No loan unless there is an advantage. I will pay it off in a couple of months.
In normal times taking a loan can be an advantage, as the originating dealer gets a kickback that they may use in negotiations. In today's market, who knows.
In normal times taking a loan can be an advantage, as the originating dealer gets a kickback that they may use in negotiations. In today's market, who knows.
- jabberwockOG
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Re: Should I buy a new car now?
Higher prices being paid for new cars will eventually create a bigger supply of cars. How long before that happens - nobody knows. What I do know is that right now is a terrible time to buy a car new or used. And it may get worse before it gets better. I would not buy a car now unless we got in a wreck and totaled one of our our existing cars. My guess is that by Fall of 2022 the supply of cars will be back near normal but I could be stone cold (hopefully not dead) wrong.
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Re: Should I buy a new car now?
Right. Gas prices have never gone down. Steak prices have never gone down. ...
Seriously- it's not a good time to buy a car. It may not be as bad for a higher-end car. If it's a matter of keeping the peace, it might be worth spending some of the money you haven't been spending for the past couple of years to keep the peace.
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Re: Should I buy a new car now?
You should listen to your wife.
Re: Should I buy a new car now?
The government purposely strips out fuel and food prices because they bounce around. Headline vs core inflation.adamthesmythe wrote: ↑Mon Jan 17, 2022 5:47 pmRight. Gas prices have never gone down. Steak prices have never gone down. ...
Seriously- it's not a good time to buy a car. It may not be as bad for a higher-end car. If it's a matter of keeping the peace, it might be worth spending some of the money you haven't been spending for the past couple of years to keep the peace.
Everyone says they'll wait a year. Guess what happens in a year when everyone has waited??
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Re: Should I buy a new car now?
It seems the question is more about do you see car prices normalizing ever and when. It is hard to predict the future, but what were the historical trends. What happened in the eighties?
If the prices are not normalizing and the inflated prices are the new normal, than might as well buy now. If they will somewhat normalize, than wait. I would like to buy in January anyways to account for perperty taxes so may be January 2023.
What worries me are comments that suggest that things might get worse.
If the prices are not normalizing and the inflated prices are the new normal, than might as well buy now. If they will somewhat normalize, than wait. I would like to buy in January anyways to account for perperty taxes so may be January 2023.
What worries me are comments that suggest that things might get worse.
Re: Should I buy a new car now?
Car is a complex thing with a lot of components and all went up in price. So for car prices to go down many of those components should go down. It is possible for commodities to go down in price materially may be, but for cars I doubt.
Even for commodities… I recall gas .99c 20 years ago and chicken 25 cents per pound. We will never see those prices again.
Even for commodities… I recall gas .99c 20 years ago and chicken 25 cents per pound. We will never see those prices again.
“Every deduction is allowed as a matter of legislative grace.” US Federal Court
Re: Should I buy a new car now?
The current RX is a very dated design. I'd much rather have a Toyota Venza - sleeker, more up-to-date, standard hybrid, and based on the much better TNGA platform (which will also underpin the next-gen RX). The Venza is sold in Japan as the Toyota Harrier, earlier generations of which were sold here as the RX.
Re: Should I buy a new car now?
Rent her one for her birthday. For a long weekend. Not time to buy. I am happy with my 2007 Lexus ES350. 138K miles and still looks great.
Re: Should I buy a new car now?
You can likely get a crazy high price for your Accord which will go a long ways towards offsetting the high price you will pay for a new car. If you wait for new car prices to become more normal then the price you can get for your Accord will also go down a lot.noriskfinance wrote: ↑Mon Jan 17, 2022 3:52 pm 5. Have a 2012 Honda Accord with 96K miles on it that i could trade but I do not have to.
You can get a quick quote on the CarMax and Caravan web sites to see what they will pay you for your Accord. I did that last spring and the price they were offering was so high that I decided replace my car with a new larger car because I wanted something that would be better for road trips.
A lot depends on your finances but if you have ample finances then I would take a hard look at going on and replacing a ten year old car just because there have been so many advances in the safety features.
In addition to the high profile safety features like automatic breaking there have also been lots of improvements in crash test results and things like headlights which have also improved a lot on some cars.
I replaced a three year old Corolla with a new Forester which was worth about twice as much but much to my surprise my car insurance went down by about 20%. My insurance agent said that was because the Forester had such a high safety rating. To me that says a lot about how much safer it is and the Forester is not that much heavier than a Corolla.
In this car market it would be good to have several cars that would be acceptable and then see which cars are available at what prices.noriskfinance wrote: ↑Mon Jan 17, 2022 3:52 pm 3. Looking at Lexus RX350 SUV. Not much inventory within 250 miles of me (Kentucky). Would pay above sticker with useless fees tacked on.
There are a number of threads about car buying that you can look up. It sounds like there are many models that you can get without too bad a mark up if you are willing to shop around and wait a few months for delivery.
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Re: Should I buy a new car now?
As with finances and investing, everyone's situation is different. Watty has offered a very compelling answer here. Because you have a used vehicle to offer the marketplace, you will benefit from the current valuation which is ridiculously high (IMO). This can be used to offset what MSRP discounts you might have received pre-supply-chain-Covid. That said, you are talking Lexus RX series which traditionally did not discount much anyway (at least in the Bay Area).Watty wrote: ↑Mon Jan 17, 2022 7:34 pmYou can likely get a crazy high price for your Accord which will go a long ways towards offsetting the high price you will pay for a new car. If you wait for new car prices to become more normal then the price you can get for your Accord will also go down a lot.noriskfinance wrote: ↑Mon Jan 17, 2022 3:52 pm 5. Have a 2012 Honda Accord with 96K miles on it that i could trade but I do not have to.
You can get a quick quote on the CarMax and Caravan web sites to see what they will pay you for your Accord. I did that last spring and the price they were offering was so high that I decided replace my car with a new larger car because I wanted something that would be better for road trips.
A lot depends on your finances but if you have ample finances then I would take a hard look at going on and replacing a ten year old car just because there have been so many advances in the safety features.
In addition to the high profile safety features like automatic breaking there have also been lots of improvements in crash test results and things like headlights which have also improved a lot on some cars.
I replaced a three year old Corolla with a new Forester which was worth about twice as much but much to my surprise my car insurance went down by about 20%. My insurance agent said that was because the Forester had such a high safety rating. To me that says a lot about how much safer it is and the Forester is not that much heavier than a Corolla.
In this car market it would be good to have several cars that would be acceptable and then see which cars are available at what prices.noriskfinance wrote: ↑Mon Jan 17, 2022 3:52 pm 3. Looking at Lexus RX350 SUV. Not much inventory within 250 miles of me (Kentucky). Would pay above sticker with useless fees tacked on.
There are a number of threads about car buying that you can look up. It sounds like there are many models that you can get without too bad a mark up if you are willing to shop around and wait a few months for delivery.
OP said this is a want, not a need which leads me to believe they have the finances to support this luxury want. If you can afford it, buy it and enjoy it. As someone who loves cars, I am biased but I am still a Boglehead. In this market new car purchase is not ideal unless you have a used vehicle that can take advantage of all-time high valuations.
Also, Watty is right (again) to point out the advances in tech and safety. I understand the frugality, etc of holding on to 5-10-15+ year old cars but I also put a lot of value in the comforts and safety of newer models.
I would recommend you call every Lexus dealer within 150-200 miles of you - tell them what you are looking for, tell them you can order and wait and have no intention of paying over MSRP. Sites like https://www.cargurus.com/Cars/new/ might give you some idea of inventory. Also check out leasehackr.com (Yes, I know you want to buy) but that forum has a lot of good information. Once an Internet Sales Manager knows he/she has a customer who wants to buy, trust me, they will sell (yes even at MSRP but you just need to wait for delivery).
Carvana, Shift, Vroom, Carmax ... all will pay well above your Honda value.
I would recommend you consider a plug in hybrid. It sounds like you buy and hold your cars - It's 2022, hard to imagine buying any new car without a battery. PHEVs give you the option of charging and going full electric OR driving with gas as a hybrid. Good luck and enjoy your new car.
https://www.motortrend.com/reviews/2022 ... st-review/
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Re: Should I buy a new car now?
I don’t think the new car market is that bad. At present, you can purchase a car for ~MSRP. Before, maybe you could purchase at 10% less than MSRP. So prices have gone up ~10%. If that extra ~10% breaks you, then you can’t really afford it.
I’d call all the Lexus dealers around you, negotiate, and find the one that will waitlist and sell to you for MSRP or less.
I’d call all the Lexus dealers around you, negotiate, and find the one that will waitlist and sell to you for MSRP or less.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh
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Re: Should I buy a new car now?
I am not sure what the news is re chip shortages. Estimates are about 8m cars were not built in 2021 that would have been had it not been for disruption due to Covid & chip shortages.jabberwockOG wrote: ↑Mon Jan 17, 2022 5:36 pm Higher prices being paid for new cars will eventually create a bigger supply of cars. How long before that happens - nobody knows. What I do know is that right now is a terrible time to buy a car new or used. And it may get worse before it gets better. I would not buy a car now unless we got in a wreck and totaled one of our our existing cars. My guess is that by Fall of 2022 the supply of cars will be back near normal but I could be stone cold (hopefully not dead) wrong.
New chip production facilities can take 3 years plus to site & commission due to the very long lead times on specialized manufacturing equipment.
American car orders have surged - consumers have record high savings & that triggers a surge in orders for durable goods (housing, too). The effect is more muted in other countries.
My guess is it is 2023 before we can say the shortage is definitely over.
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Re: Should I buy a new car now?
This is less of a factor for Americans, but it is noticeable in Europe how every manufacturer is coming out with new Electric Vehicle models. As these are purpose-built models it's hard to make like-for-like comparisons but generally they are more expensive but should have lower Total Cost of Ownership over the Lifecycle due to lower fuel & drivetrain costs.
(UK will make pure petrol engined cars illegal for sale post 2030 -- all cars will be EVs or hybrids. Other countries have similar initiatives).
That might tip me to either waiting - to see how these cars pan out in terms of greater range & convenience - or going for a Plug In Hybrid.
Tesla was the 2nd highest selling car model by numbers in the UK last year (Tesla 3?) which means by value it was way out in front -- in front of say, Land Rover, who knew? When I saw not 1 but 2 Teslas, in succession, take the light on the High Road I knew that something had changed in the world. Unimaginable even 3 years ago.
(UK will make pure petrol engined cars illegal for sale post 2030 -- all cars will be EVs or hybrids. Other countries have similar initiatives).
That might tip me to either waiting - to see how these cars pan out in terms of greater range & convenience - or going for a Plug In Hybrid.
Tesla was the 2nd highest selling car model by numbers in the UK last year (Tesla 3?) which means by value it was way out in front -- in front of say, Land Rover, who knew? When I saw not 1 but 2 Teslas, in succession, take the light on the High Road I knew that something had changed in the world. Unimaginable even 3 years ago.
Re: Should I buy a new car now?
Buy a new car when you need a new car. If you can afford it either way and you want one, buy it whenever.
Re: Should I buy a new car now?
Permission threads are hilarious but I’ve never understood them. Maybe it's generational.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
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Re: Should I buy a new car now?
Vehicle prices are not coming down anytime shortly. There are severe supply constraints for many materials that have no positive outlook for the near future. One such example below.
https://www.bloomberg.com/news/articles ... 0consumers.
https://www.bloomberg.com/news/articles ... 0consumers.
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Re: Should I buy a new car now?
No. Now is a very bad time to be purchasing a new car. I would wait it out.
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Re: Should I buy a new car now?
I view them as angel on one shoulder v devil on the other ...
Original Poster is looking for an original argument or piece of information ... something they hadn't thought of.
I am not sure I can say whether more or less re generational.
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Re: Should I buy a new car now?
7 would make me wait, regardless.noriskfinance wrote: ↑Mon Jan 17, 2022 3:52 pm I have been meaning to purchase a new car since 2019. The only reason I didn't because if I buy in January 2020, I do not pay property taxes on the car for the whole year. Long story short, i blew my purchase window. Should I just suck it up and pay the sky high prices? Here are a few more details:
7. RX350 is rumored to be coming out with a new version for 2023. Would want the new version if rumors are true.
Re: Should I buy a new car now?
Is that 8m number US or world? And what happened to the chips that were going into those cars? Weren't they planned for and ordered 3 years ago?Valuethinker wrote: ↑Tue Jan 18, 2022 3:02 amI am not sure what the news is re chip shortages. Estimates are about 8m cars were not built in 2021 that would have been had it not been for disruption due to Covid & chip shortages.
New chip production facilities can take 3 years plus to site & commission due to the very long lead times on specialized manufacturing equipment.
American car orders have surged - consumers have record high savings & that triggers a surge in orders for durable goods (housing, too). The effect is more muted in other countries.
My guess is it is 2023 before we can say the shortage is definitely over.
https://tradingeconomics.com/united-sta ... icle-sales
And while the age of used cars have been going up, the fewer miles driven mean they can stay on the road a bit longer, so expect the age to go up even more for a while, but with little other average direct effect. Mileage plays a bigger role.
NCCI Says Fewer Miles Driven During Pandemic Means Fewer Comp Claims
https://www.claimsjournal.com/news/nati ... 300369.htm
Update: Just came across this article. Might mean longer tight supplies and higher prices, but the market is saying it doesn't help a volume driven company.
Toyota Shares Sink Most in Nearly Two Years on Output Target CutSMBC Nikko Securities analyst Toshihide Kinoshita said it was noteworthy that even Toyota, with its relatively strong supply-chain management, can’t meet production targets. “The situation at other companies must be even more challenging,” Kinoshita wrote in a note.
https://finance.yahoo.com/news/toyota-s ... 13883.html
- willthrill81
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Re: Should I buy a new car now?
It's a terrible time to buy a new car right now. It's not quite as bad as it was a year or so ago, but it's still really bad. Avoid if you possibly can.
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Re: Should I buy a new car now?
For items that have gone up ridiculously due to parts shortages, I believe they will. If the supply chain is resolved, dealers will not be able to command huge markups because you can just walk next door to the smart dealer who takes his small margin and sells all the cars.
For a carton of eggs, sure.
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Re: Should I buy a new car now?
+1willthrill81 wrote: ↑Tue Jan 18, 2022 10:02 pm It's a terrible time to buy a new car right now. It's not quite as bad as it was a year or so ago, but it's still really bad. Avoid if you possibly can.
We’re lucky to have a lease expiring soon. We’re going to buy it outright instead of turning in as it’s right side up. I would not consider buying a new or used car right now from a dealer.
Re: Should I buy a new car now?
A Lexus isn’t a luxury car.noriskfinance wrote: ↑Mon Jan 17, 2022 3:52 pm 6. This is more of a want not a need. Wife wants a luxury car and does not want to drive the Honda anymore. It is a top of the line Honda we purchased brand new.
The RX350 is an overpriced Camry with a raised suspension, some extra mediocre leather, and the auto industry’s worst infotainment system.
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Re: Should I buy a new car now?
The current situation is not a change in the fundamentals of the automotive market, but is a shortfall of supply due to specific factors. Keep in mind it involves more than just computer chips, although those are one of the biggest parts of it.noriskfinance wrote: ↑Mon Jan 17, 2022 6:34 pm It seems the question is more about do you see car prices normalizing ever and when. It is hard to predict the future, but what were the historical trends. What happened in the eighties?
If the prices are not normalizing and the inflated prices are the new normal, than might as well buy now. If they will somewhat normalize, than wait. I would like to buy in January anyways to account for perperty taxes so may be January 2023.
What worries me are comments that suggest that things might get worse.
So yes, I expect prices to normalize, somewhere roughly in line with the long term trend.
How soon is hard to tell, because aside from restoring productivity in line with the long term trend, manufacturers also have to catch up with demand that has pent up due to availability and pricing. That will be a negative feedback on the process, because incremental price reductions back toward normal will bring buyers back incremental as their price thresholds are met.
Some analysts are proposing improvements later this year, while others think the situation could continue into 2023.
But your Accord has easily 5 years of good life left on it, and likely 10 years
They do go lower sometimes, especially when they are being influenced by variations in supply or demand. Fuel has been jumping up and down regularly for decades. Lumber prices went up early in the pandemic, and then fell quite a ways back down (although now have gone back up again).
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Re: Should I buy a new car now?
Yes 8m is a world number. US is no longer the world's largest new car market, China is. From memory China about 18m cars pa, USA about 14m?inbox788 wrote: ↑Tue Jan 18, 2022 3:03 pmIs that 8m number US or world? And what happened to the chips that were going into those cars? Weren't they planned for and ordered 3 years ago?Valuethinker wrote: ↑Tue Jan 18, 2022 3:02 amI am not sure what the news is re chip shortages. Estimates are about 8m cars were not built in 2021 that would have been had it not been for disruption due to Covid & chip shortages.
New chip production facilities can take 3 years plus to site & commission due to the very long lead times on specialized manufacturing equipment.
American car orders have surged - consumers have record high savings & that triggers a surge in orders for durable goods (housing, too). The effect is more muted in other countries.
My guess is it is 2023 before we can say the shortage is definitely over.
https://tradingeconomics.com/united-sta ... icle-sales
The problem was that chip making capacity was switched to consumer electronics manufacturers who responded to surging demand in 2020 (Playstations and X Boxes have been selling for 2x list price, I believe). The car makers have traditionally squeezed their supply chains (remember its the Tier One suppliers who are buying a lot of the chips, rather than the OEMs themselves) and rely on Just-in-Time ordering. Except this time the system could not instantly respond.
Vehicle Miles Travelled dipped, but is back up to trend, I believe. The low usage on used cars will have passed through the system by now. Maybe the 2 year old used cars have 2500 miles less on the clock, but it's not going to have a big effect on their value.And while the age of used cars have been going up, the fewer miles driven mean they can stay on the road a bit longer, so expect the age to go up even more for a while, but with little other average direct effect. Mileage plays a bigger role.
NCCI Says Fewer Miles Driven During Pandemic Means Fewer Comp Claims
https://www.claimsjournal.com/news/nati ... 300369.htm
[/quote]Update: Just came across this article. Might mean longer tight supplies and higher prices, but the market is saying it doesn't help a volume driven company.Toyota Shares Sink Most in Nearly Two Years on Output Target CutSMBC Nikko Securities analyst Toshihide Kinoshita said it was noteworthy that even Toyota, with its relatively strong supply-chain management, can’t meet production targets. “The situation at other companies must be even more challenging,” Kinoshita wrote in a note.
https://finance.yahoo.com/news/toyota-s ... 13883.html
Yes. There's long lead times in changing chip production by building new facilities. And some of the car chips are actually not from the most up to date Fabs w the best hardware. So increasing capacity at *those* will be more difficult (there's a shortage of some of that machinery).
I don't see this problem ending before 2023. But it probably gets better in stages. Some OEMs are definitely short of parts (Jaguar Land Rover in UK has had to trim production, for example).
The switch to EVs is gathering pace & that will produce its own component shortages (has done).
Re: Should I buy a new car now?
I get just in time, but there are contracts in place for providing chips for the 18m + 14m + rest of world annual production. They're not foolish enough to be ordering just a quarter or month at a time, are they? If a manufacturer is going to build 100,000 cars for the next 5 years, they both know they'll need 500,000 parts at 10,000 per month more or less, and the just in time is how that delivery is managed. Did everyone cancel all these long term arrangements when thing shut down?Valuethinker wrote: ↑Wed Jan 19, 2022 3:29 amYes 8m is a world number. US is no longer the world's largest new car market, China is. From memory China about 18m cars pa, USA about 14m?
The problem was that chip making capacity was switched to consumer electronics manufacturers who responded to surging demand in 2020 (Playstations and X Boxes have been selling for 2x list price, I believe). The car makers have traditionally squeezed their supply chains (remember its the Tier One suppliers who are buying a lot of the chips, rather than the OEMs themselves) and rely on Just-in-Time ordering. Except this time the system could not instantly respond.
And then there's the 8m cars that didn't get built, but parts planned out. That's maybe a 20% decrease or 2 months worth of extra parts.
Yes, new components for new cars is an increase demand problem, but for older models well into production years, there should have been plenty of planned or actual supply. And the production of these older models fell and is now only resuming back towards previously planned levels. Did any of these older chip suppliers go out of business or have any older fabs permanently shut down in the shuffle? There's been a lot of temporary disruption, but I thought it's mostly a matter of getting back into the factories and turning on the machines, and trying to catch up working overtime shifts for a while. I'd think right now they're working through the worker and supplies shortage, but I see that as easing through the year.Yes. There's long lead times in changing chip production by building new facilities. And some of the car chips are actually not from the most up to date Fabs w the best hardware. So increasing capacity at *those* will be more difficult (there's a shortage of some of that machinery).
I don't see this problem ending before 2023. But it probably gets better in stages. Some OEMs are definitely short of parts (Jaguar Land Rover in UK has had to trim production, for example).
The switch to EVs is gathering pace & that will produce its own component shortages (has done).
Re: Should I buy a new car now?
+1 on this analysis. Choosing a current model RX in this environment is perhaps one of the worst choices you could make.inbox788 wrote: ↑Mon Jan 17, 2022 4:40 pmIt's not news that it's a bad time to buy a car right now. What's unknown is how long before things get better. The last 2 cycles for the RX were 6 years (04-09, 10-15) and the current one is already 7, so I believe the rumors. If you buy now, you'll suffer 3 big depreciation steps. New car, return to normal market and new model, so really poor timing.noriskfinance wrote: ↑Mon Jan 17, 2022 3:52 pm7. RX350 is rumored to be coming out with a new version for 2023. Would want the new version if rumors are true.
It's best to wait about 6-12 months (or 18 months if they delay the new model another year -- unlikely). By then, you'll probably pay more for the newer model, but hopefully the parts shortage and supply crunch should be resolved.
As far as those saying in effect, happy wife, happy life, my wife is enough of an adult to understand sometimes wants are just that--wants--and there are more effective times to satisfy those wants than others. We don't just do whatever she wants whenever she wants it, nor do we do whatever I want whenever I want it. I would hope everyone's situations are similar.
- willthrill81
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Re: Should I buy a new car now?
Yes, buying it outright is a slam dunk right now. You should be able to make quite a tidy sum selling it outright, unless you want to keep it. We could sell our 4 year old sub-compact SUV right now for 10% more than we paid for it.snapvestor wrote: ↑Tue Jan 18, 2022 11:42 pm+1willthrill81 wrote: ↑Tue Jan 18, 2022 10:02 pm It's a terrible time to buy a new car right now. It's not quite as bad as it was a year or so ago, but it's still really bad. Avoid if you possibly can.
We’re lucky to have a lease expiring soon. We’re going to buy it outright instead of turning in as it’s right side up. I would not consider buying a new or used car right now from a dealer.
The Sensible Steward