Yes! Financial Pros Say Car Prices in Texas Will ‘Plummet’ Due to Oversupply
Is relief in regard to car prices on the way in Texas? According to some experts, the answer is 'yes.'
Here's hoping that is, in fact, the case.
I've been pondering about buying a new car in the somewhat near future. Well, when I say 'new,' I mean 'new TO ME.' I'm one of those people that tends to buy cars that are a couple of years old. That's just my philosophy at this time. But I'm open to being convinced otherwise. And if car prices finally come down, perhaps that will inspire me.
And to be honest, it's not only the new car prices that have skyrocketed to levels previously unseen. The pre-owned market has been crazy expensive, as well, compared to what we'd been used to seeing. And because of that, quite a few folks, including myself, have postponed shopping for a newer vehicle. And even for those who can afford to buy it even at these crazy high prices, the market can only bear so much.
A recent story shared by NBCDFW in Dallas, Texas claims we are now in a downward trend when it comes to auto prices.
Recently, NBCDFW reported that according to financial experts, we are finally in a downward trend regarding car prices:
"There is already evidence that car prices across the board have fallen. The latest data from Cox Automotive, released in early April, shows that wholesale used-vehicle prices in March fell 2.4% from just a year earlier."
One of the reasons for the downward trend is simply supply and demand. Another? Interest rates.
NBCDFW spoke with a Dallas, Texas area certified financial planner named Rick Salmeron who said "We're starting to see a reverse trend, and this is natural and this is normal and it's caused by a number of factors. But I think frankly the primary one is the rise in interest rates.”
Is this downward trend in car prices a good thing or a bad thing, though?
Well, according to Salmeron, it IS good for consumers--for a time. And it will give a nice little boost to the economy. But if it were to continue long-term, it could become a problem.
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