With the global chip shortage continuing to muck up automotive supply chains and vehicle prices at record levels, consumers looking for a new set of wheels have a lot to consider.
“I always say don’t get stuck with a ‘new-car only’ or ‘used-car only’ buyer mentality,” says Ivan Drury, an automotive analyst at the car-shopping website Edmunds.com. “Depending on the market and your situation, the best deal could be the opposite of an outdated paradigm.”
Some consumers are finding that their used vehicles are worth thousands of dollars more than what they had paid. Others have decided to buy their leased vehicles rather than risk not being able to find one comparable in size or price.
If you have a car that is financed—whether it is a loan or a lease—it likely has positive equity, granting you leverage in negotiating with dealers who are eager to fill their lots.
Here’s what you need to consider to calculate which option is right for you.
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