Will the situation change for the better? Or does it make no sense waiting, and you would be better off buying a car now? In this section, let’s consider some car market predictions.
The main reason for the increase in car prices in 2022 was a decrease in car production with unchanged demand for cars.
The good news is that the semiconductor chip shortage is starting to go down. This means that the production of new cars will soon be on the rise again. Let's see what the experts think about it.
For example, Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive, believes that new and old car prices are beginning to stabilize. In her opinion, new-car prices will begin to decline within a few months. "However, no one should expect price drops, as tight supplies in the new market will hold prices at an elevated level through 2023," she states.
Slightly more pessimistic are the predictions of Stephanie Brinley, principal analyst at IHS Markit, who also believes that car prices will level off when the offer approaches demand. But she predicts that automakers will not be able to produce the required number of cars until late 2023 or early 2024.
As you can see, a decline in the price of new cars is still expected during the year. At this point, you should be patient if you plan to buy a car.
