What Just Happened To The Car Market?

"the fact that they are moving downward is a trend in the right direction and it should continue because wholesale prices for used cars are actually going down as well"

"if you're in the market for a new car you might want to wait between 2 and 3 months or even up to 120 days before doing so because the price changes could be significant in the downward Direction"

"Cox Automotive expects that new vehicle inventories are going to go back to pre pandemic levels which is almost 3 million units available"

"elevated interest rates paired with higher inventories and prices slowly coming back down is going to put a lot of pressure on dealerships to sell cars as quickly as possible"

"if you visit a dealer a little bit later this year and interest rates are still elevated you have a lot of negotiating power in addition to the fact that if you see a particular car sitting on the floor for quite some time you might be able to get that at a really good deal"

"as delinquency rise the number of repossessions is expected to increase as well up to 1.5 million cars this year up from 1.2 million last year"

"higher EV inventory combined with the fact that some models still qualify for the $7,500 federal tax credit means that you can probably score a really great deal on an electric vehicle if that's up your alley"