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Why a Used Car is a Better Purchase in Today’s Market

If you were hoping to upgrade your wheels with that tax refund, think twice. Used car prices are soaring off the charts and into the stratosphere.

This spring has been raining higher prices for used cars as the market signals an unexpected reversal of last fall’s decline.

Manheim auctions saw a 4.3% uptick in February — the most significant jump since 2009 — and Black Book reported a 0.46 increase during one week alone in March — its highest increment since 2021!

“We’re unlikely to go back to pre-pandemic levels [for used car prices], said Chris Frey, senior industry insights manager at Cox Automotive. “Vehicles cost way more now. The landscape has changed. Automakers are not manufacturing as many as they have because they got the taste of gold — huge profits from not having so many vehicles in manufacturing.”

So, Why Buy Now? (If Used Car Prices Are High)

Because used car prices will only climb higher.

As long as there’s too much national debt the Federal Reserve must maintain low-interest rates or banks default on their loans. That means consumer borrowing costs remain low and the market for used cars stays highly competitive.

However, low-interest rates = higher inflation.

Inflation means you ain’t ever gonna buy a car for the price it used to cost. So, if you’re looking to turn that tax refund into wheels, now actually might be the time.

Demand Can’t Match Supply

Even during economic unease, the used-car market is experiencing an unexpected resurgence. Record sales in January and February suggest that despite tough times, shoppers may be turning to pre-owned options to save money.

It’s like that movie “Used Cars” where a used car dealer (played by Kurt Russell) is trying to sell cars but can’t because the demand has outstripped his supply.

Moreover, sales surged in February because winter temperatures were mild — potentially encouraging folks off their sofas into showrooms .

With inventory levels also low it seems wise strategy has been driving more people towards buying second-hand cars despite high used car prices; with models usually a few years old, and much cheaper than the latest releases.

Strategies to Beat the Used Car Prices Hike

The battle is on — the inflation’s winning and it looks like car prices are only heading higher. What can you do? This:

  • Knowledge is power — do your homework. Research, research, and do more research on the car you’re interested in buying. CarFax and Kelley Blue Book are great tools to help you find out the real price of a car.
  • Check online before you go shopping — Look out for special offers and discounts. Many dealers may be willing to give you a better deal online than in-store.
  • Be ready to negotiate — You can almost always find room in the price of a pre-owned car. So don’t be afraid to haggle and ask for discounts.
  • Look for trade-ins — If you’re looking to sell your old car, many dealers are willing to offer a trade-in. This could mean big savings on your new purchase. Also consider selling your car on Facebook Marketplace or Craigslist.

A Final Thought

It may seem counterintuitive — buying a car in the middle of an economic slump — but with used car prices already on the up, it’s better to strike now than wait any longer.

It’s crazy out there, but at least you know what to do. Good luck!

Happy car shopping! :)

Monthly Car Payments Cross a New Record $1000. What That Means

Monthly Car Payments Cross a New Record $1000. Here’s What That Means.

New research shows that financing a new or used car is more expensive than ever.

A record-setting 15% of people who financed their new cars in Q4 2022 cost them more than $1,000/month. Moreover, there’s still an ongoing chip shortage and increased raw material costs. In the U.S., the average price of a new vehicle was up 6.3% in the last year. 

This leads to the question, “When will car prices drop?”

The answer is, in short: Now. 2023.

J.P. Morgan Research predicts prices will decline by around 2.5% to 5% for new cars and 10% to 20% for used cars in 2023.

“There are some glimmers of normalization, with prices finally easing somewhat, though conditions remain far from normal. Looking ahead, we expect much less moderation in new vehicle prices than in used vehicle prices,” said a J.P. Morgan Analyst.

So if you’re car shopping, there might be some relief ahead. You may even find a few bargains in the coming months. That’s the good news. The bad news is that you’ll still need to be financially prepared to drive away with the best deal.

Used Car Prices Have Likely Peaked

The chances of recession go down by the day.

The Federal Reserve recently started slowing interest rate hikes to 25 basis points; in non-nerdy terms, you might not be paying as much on your car loan.

In addition, car makers are also pressured to reduce prices to remain competitive.

“While industry conditions are likely to normalize to some degree in the second half of this year and while many commodity prices have reversed, earnings reports so far this season seem to confirm that the road to recovery may be less rapid and less linear than earlier thought,”

-J.P. Morgan

According to estimates from J.D. Power and LMC Automotive, the average price paid for a new car in December is at a record $46,382. What goes up must come down.

But it won’t happen all at once.

Analysts say the decline will be gradual, with prices declining by 2.5 percent to 5 percent in 2023.

You won’t see much decline for new cars yet, but used cars will become more affordable, with a decline of 10 percent to 20 percent in prices. That’s good news for budget-minded car buyers.

When Will Car Prices Drop?

Despite the current optimism, a recession is still lurking in the shadows.

Recession or not, the car market will remain competitive. Carmakers are always tweaking incentives and financing deals to keep buyers in their showrooms.

If the economy does take a turn for the worse – which is not currently being indicated; look at the stock market – car buyers can expect to see even steeper discounts and better financing packages.

The one indicator to watch for is gas prices.

High gas prices are always an indicator of a possible recession.

And, even at their highest, when adjusted for inflation gas prices were far below 2008’s peak.

Survive, By Any Means Necessary

Ready to rule the car market?

If not, here’s a good place to start: follow what they do on Wall Street.

When everyone is clamoring over their dream cars and throwing money around, you know it’s time to tap the brakes – literally! And when others are too scared of taking any risks in buying or selling vehicles…you could be sitting pretty (and driving away with some great deals) if you stay brave and bold.

That’s what makes 2023 a great year to get a car. Prices are coming down, but consumer sentiment is still bearish.

That means it’s the perfect time to get a great deal if you know how to navigate the market. And with any luck, by 2023 you’ll be driving off into the sunset in your dream car – at a great price.

So don’t fear sticker shock; just be smart. With the right knowledge, you can find the best deal and drive away with a great car – no matter what happens in 2023!

Should I buy a car right now?

Why Buying a Car Now is the Best Bet

What to make of this current car market? That’s the question on everyone’s mind right now. Should I buy a car right now?

The answer is, of course, yes – but it’s complicated.

“Is it going to get better? That is really hard to say,” said Michelle Krebs, an executive analyst for Cox Automotive, which owns vehicle-information websites like Kelley Blue Book and Autotrader, “because, are we going to have a recession, or are we not?”

However, what has dealerships and customers – yes you – optimistic heading into 2023 is that the odds of a recession hitting are going down. Inflation is decreasing, the FED is cutting interest rates, and car dealerships are struggling to keep inventory off the lot, causing car prices to drop like a rock.

Plus, with lower rates and refinancing options, the car market is ripe for buyers looking to upgrade.

It’s still a complicated market out there –  so, here’s what to look for:

Should I buy a car right now?

According to Cox Automotive, car supplies across dealerships are up 72% since Jan. 1. There are now 620,000 more new vehicles on lots than at the same time last year.

Due to supply chain issues – that are on the tail-end of being fixed –  dealers have an abundance of vehicles.


That means there’s plenty to choose from, and you may be able to get a great deal on your new wheels.

Moreover, domestic brands like Ford and GM are nearing record inventory.

Automotive News reported last week that Ford dealers are at 60 days supply, GM at 52 days, and Stellantis (the merger of Fiat Chrysler and the French PSA Group) at 68 days. We here at Queens Auto Mall sell all these automakers.

Good News, and Bad News

Did you hear the good news?

We might miss a recession here in the US.

Or, it might just be a mild one like a summer breeze.

Either way, the Federal Reserve has begun to discuss slashing interest rates to new lows. This makes it easier to finance or refinance a car. The bad news is these are projected interest rate cuts.

They haven’t happened yet.

But many economists are expecting interest rates to come as early as Spring.

The upshot is that sometime in 2023 the Fed will be forced to lower interest rates, which could help you get a sweet deal on your ride.

The Old Ways Might be Dead

The car market has gone through a complete revolution within the past year, with just 1.4 million vehicles available for sale – down from 3 million before COVID came about!

Automakers have never been so busy and profitable; it might be safe to say that we won’t return to pre-pandemic days anytime soon: We’re entering a “New normal.”

Dealerships are also struggling since they can’t carry as much inventory as they’d like; they used to carry a 90-120 day supply but now only hold 40-50 days’ worth. The upshot is that this is an entirely new economic paradigm, meaning there might not be a better time to buy than now.

What’s Up With Used Vehicles?

The used car market has been a Catch-22 since the pandemic started.

For a while, car experts warned against buying used vehicles because the market was so in-demand and prices were so high.

So, what to make of it?

Data from Cox Automotive says used vehicle inventory at dealerships is close to 2019 levels. Prices are slightly lower than a year ago, with used car prices falling by 1.3% and CPO vehicles dropping by 3.2%. While vehicle demand is still sky-high, prices seem to be stabilizing.

Final Thoughts

Should I buy a car right now?

If you’re still asking that then rest assured, now is the time to buy if you’re in the market for a new or used car. Prices are declining and dealers’ inventory is finally catching up. Plus, with lower interest rates and refinancing options, it’s an ideal time to upgrade or get a better deal on your ride.

However, it’s important to remember that car-buying is always a complex process. To ensure you get the best deal, make sure to do your research, read reviews, and find out all the facts before signing the dotted line. Good luck!

Happy car-shopping! :)

Advantages of Buying a Pre-owned Nissan Vehicle at Queens Auto Mall

Are you in the market for buying a used Nissan vehicle? Well, if you are, then you’ve landed at the right place. We here at Queens Auto Mall give you the best opportunities to buy a pre-owned car whether you want a reliable SUV or a luxury affordable sedan. Queens Auto Mall has been in the used cars business for over 30 years in New York.
We have many pre-owned Nissan vehicles in top condition looking for their new owners. Name a Nissan model, be it the Nissan Altima or Nissan Maxima or any other, we will provide you the best deal in securing your new Nissan car. Ensuring quality and assuring peace of mind to our customers are major points that we strive for of at our business. We here at Queens Auto Mall understand our customers concerns when buying a used car.
Our professional team helps you to lower your stress about the functionality, reliability, and cost of a used car. We take all these concerns of our customers as a positive because this helps in identifying the right vehicle for them. We have built our reputation in where we appreciate communication with our customers to eradicate any misconceptions about pre- owned cars. Let’s have a look at the benefits of owning a used or pre-owned vehicle:

1. Less Cost

Used Cars are generally 30-50% cheaper than the new ones. Buying a pre-owned Nissan sedan means you get to enjoy the same features and perks that come with a new car but at a much cheaper price. If you’re looking to buy a 2022 Nissan Rogue but your budget doesn’t allow it, don’t get discouraged. We have a range of used Nissan Rogue’s from 2019 through 2021.

2. Less Depreciation

Buying a used Nissan Pathfinder means a better investment because its depreciation rate will be a lot slower than a new one. It is a universal fact that new cars depreciate at a fast pace which is a big turn-off for lots of people. Many people know this and their search to get a best deal on a pre- owned Nissan Pathfinder takes them on a path which leads them to us here at Queens Auto Mall. Considering that new cars can depreciate as much as 40% after one year of ownership and comparing it with the modern fact that new car technology and advanced engineering has made the cars more dependable as ever. So, buying a pre-owned Nissan car will save you a lot of money without breaking your own budget.

3. Lower Insurance Rates

Another fantastic fact is that car insurance on a pre-owned vehicle, whether it be a Nissan Sentra or Nissan Versa will also cost you less. So, this is also a fantastic opportunity to save you money on buying a used car.

4. No Hidden Fees

You don’t have to pay any under-cover or hidden fees while buying a pre-owned Nissan from us. Unfortunately, while buying a new car you need to pay extra fees like delivery fees in addition to the sticker price of the car. Fortunately, if you are buying a pre-owned car, you’re exempted from all of these hidden charges.

So why wait, come to Queens Auto Mall and let’s help you get into your desired Nissan. You will be glad you came to us and so will we.

Things To Know: Automotive Industry Trends 2022!

The automotive market is changing rapidly, thanks in part to several disruptive automotive trends. The way automobiles are designed in conjunction with digital technology, tailored to trims, powered, and emitting pollutants all play an important role in what you can anticipate from a car of the immediate future. This information is critical if you want to know whether or not to purchase a new vehicle in the coming year.

Let’s give an ear to what Queens Auto Mall has to say on auto trends based on expert opinions!

IOT Cars

The Internet of Things connects all your mobile devices with your car, which links to a dedicated cloud. Such vehicles are made for comfort & opulent convenience via on-demand features, meaning the car drives while you do your web surfing. A flock of such cars will be able to ‘communicate’ and coordinate safe driving in the near future, though Tesla is one name that makes it to mainstream applications of the said tech.

Digital & Automotive Tech

It’s no surprise that when you combine so many electronic devices and innovations into cars, you can see a clear connection between the automobile industries and technology giants to automate driving experiences. We’ll be able to anticipate it to enter into regular, feasible, and affordable automobiles later this year.

Innovative Online Marketing

Car dealerships have got it easy with 3rd-party e-commerce platforms to market cars. But now, with social media in tow, 2022 will see robust virtual showrooms in the US where you can not only book a test drive online or schedule video inspections, but the auto-ecosystem will engage customers to levels never imagined before. Online media marketing for automotive has never been as captivating as it will be!

Electric Vehicles with A Twist

Fiat, Audi, Volvo, VW, Tesla, etc., are all big names in electric car tech. For quite some time, battery weight & mileage were an issue, but now not only has the battery architecture been revolutionized, but it charges faster with more power and lasts 5-times longer than their previous electric makes. All the while, they are exuding water vapor in the exhaust.

Autonomous Vehicles

Tesla is one such brand that comes to mind when discussing autonomous vehicles. Studies have shown that self-driving cars are much safer on the roads with minimum downtime and no driver fatigue. With the prospects of improved fuel efficiency and reduced carbon emissions, you can expect to see autonomous fleets on the roads by the end of the year!

The Efficient Convoy

If you’ve seen migratory birds flying in that V-formation, they do so because the formation reduces drag, reserves their energy for long distances, and hence, is efficient. Truck platooning is biomimicry based on the bird-formation mentioned earlier, in which trucks form a convoy at high speeds. Doing so drastically reduces air resistance, increasing fuel efficiency exponentially. There are potential applications in crewless freight transportation as autonomous trucks become more common (which is to be expected this year!).

Keeping track of automotive modification & disruptive tech in the automotive industry is critical for getting the most out of your vehicle investment in 2022.

Queens Auto Mall, located in Queens, NY, is your one-stop-shop for purchasing a well-furbished pre-owned automobile from the most fabulous makes in automotive engineering. You may apply to get pre-qualified for a vehicle here!

Visit our Queens dealership and get yourself a pre-owned 2018 BMW X5 as your debut to the electric platform!