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Since the beginning of the COVID-19 pandemic, the automotive industry has been on a wild ride. Low interest rates, supply chain issues, labor shortages, and high consumer demand have resulted in a highly competitive market and soaring prices for new and used automobiles. But recent developments may bring a change of course for the industry.

In this topsy-turvy environment, potential car buyers may have questions about when the right time to buy is, and whether that time is right now. The answers to those questions are complex, with lots of factors to consider.

In this article, we take a look at what those factors are, how they might affect new and used car prices, and what the experts have to say about whether not now is a good time to buy a car.
The Cost of Automobiles Continues To Rise, but that May Be Slowing Down

As we near the halfway point of 2022, new and used car prices remain at or near all-time highs. But when you look at the details, there are signs that the rate of increase may be slowing down ? or even reversing.

New Car Prices Aren?t Rising as Quickly

After nearly two years of going up, the average new car price climbed to an all-time high of
$47,243 in December 2021, according to data from Kelley Blue Book. However, in January, that average fell slightly to $46,404. Then, in February, the average fell once again to $46,085. It then f...