Attention all car buyers: The era of cut-rate financing, generous cash-back offers and big discounts is coming to an end.
With the effects of the earthquake in Japan rippling through the industry and causing shortages, prices are rising for both new and used cars, and fewer models and options will be available come summer, especially for the hybrids and fuel-efficient vehicles that Japan produces.
That’s prompted many experts to voice something rarely said in the sales-happy auto industry: With consumers facing the toughest market in recent memory, if you can, put off purchases until things sort out, probably early next year.
“If you don’t have an immediate need, you are probably better to wait and figure out where the market is headed,” said Jesse Toprak, an analyst with auto information company TrueCar.com.
Toprak concedes his reluctance to give such advice. TrueCar collects referral fees for new-car sales to visitors to its website.
Yet he’s not a lone voice.
“If people were paying attention they would have bought in March and April. Read more…