3 Need-to-Know Trends in Car Buying
Buying a car has never been easy. If you’re considering buying a new (or new to you) vehicle, you’ll want to learn about recent trends in car-buying that may be changing the market for good.
Here’s what to know about today’s hot car market and what these changes can mean for your auto insurance policy.
1. There’s a chip shortage.
Computer chips, wiring harnesses, plastics and glass are in short supply — and some experts expect this shortage to continue. Prices may stay high because of the reduced supply in new vehicles.
2. Used cars are in high demand.
With fewer new cars available, used vehicles are in high demand. Depending on what you’re looking for, you may have to search longer, pay more and make faster buying decisions compared to a couple of years ago. If you have good credit, low-rate financing could be an option to help offset costs.
3. It may be easier to buy a car online.
Want to skip a trip to a dealership? More car vendors have made it possible for shoppers to view detailed photos, make a purchase and fill out paperwork online. Some sellers even offer fixed prices, so there’s no stressful negotiation process or uncertainty about what you’ll pay. Plus, they often deliver vehicles to your home.
What does this mean for your auto insurance?
Since most cars are more expensive now, there’s a possibility that your premiums could be a bit higher. Also, if you buy a car and already have auto insurance, you’ll have a short grace period to add your new vehicle to your policy.
Reach out anytime to update your coverage, ask questions about your insurance or discuss anything else.