The effects of the pandemic go far beyond public health. Even the car market is suffering from the disruptions it caused. Manufacturers are scrambling to meet demand.
Meanwhile, buyers are struggling to make a purchase. It is hard to find models because of supply shortages, so you compromise between what you want and what is available.
However, those that turn up in showrooms might have inflated prices. Delivery may also take months. A lot of people are asking: Is it worth it?
Volatile Prices for New and Used Cars
In 2020, travel plummeted as more people stayed in their homes, learned to telecommute to work, and postponed their vacations. Car rental companies lost money, so they stopped buying new vehicles.
Consumers also held off on their purchases due to concerns about the economy. Uncertainty made manufacturers cut their factory production and supplier orders. When vaccines came along, the rebound was swift and steady.
There were not enough new cars for the rising demand. The few that were available sold for significantly higher prices. Things may be stabilizing now in some places, but things can change quickly without warning.
CarGuard Administration is closely monitoring the situation around the country. As a provider of vehicle protection plans, the company makes it a point to stay updated about the car market.
They are aware of the volatile prices due to uncertainty and anxiety. They can offer solutions no matter what car or condition you choose. Protection plans can cover new vehicles to fill the gaps left by inadequate manufacturer warranties.
They can also cover used cars to give buyers peace of mind about possible mechanical and electrical faults.
Wait If You Can Afford To
KBB says patience may be your best bet in 2022 and beyond. The start of the year was not good for consumers, but inventory is on its way to recovery. The used car market is growing.
The chip shortage should ease by autumn. Manufacturers are finding alternative sources while suppliers are ramping up production. It looks like a strong 2023 for the car industry.
If you are not in a hurry to replace your car, wait for the market to stabilize before making your purchase. The year 2023 is around the corner.
You will not have to wait long for better models and lower prices. If you need a vehicle today, cast a wide net to increase your range of options. Be open to whatever new or used model is available. You may not end up with your dream car, but you can still drive a reliable and comfortable vehicle.
If you need a vehicle right away, CarGuard Administration can help you keep it protected. With different vehicle protection plans to choose from, CarGuard Administration will ensure you’re taken care of no matter if you buy a new or used car.
The Effects of High Gas Prices
It is hard to ignore geopolitics when it affects everyday life. Gas prices have shot up since early 2022 because of the European conflict. Governments are trying to calm the commodities market by encouraging a supply increase from other regions, but everyone is still jittery about what might come next.
On the bright side, the high gas prices may lead to a greater demand for fuel-efficient cars. These can take people much farther per gallon than trucks and SUVs.
Less fuel consumption is a boon for the environment. By now, everyone knows that we are dealing with global warming and climate change.
Anything that lets people travel while reducing emissions is welcome. Electric vehicles are also on the rise, with many car companies pledging to achieve 100% electric production soon.
These will help shield consumers from volatile gas prices. However, there is a wide price gap between EVs and traditional models. They may not be feasible for many households right now.
However, if you decide an EV is right for you, CarGuard Administration has plans to help you get the coverage you need.
A Good Time to Sell or Trade In
If you already have a vehicle, consider the current state of the car market before selling. Create your listing while the prices are high to get a few more dollars for your unit.
Use the money to buy a better car or whatever you need. If you hate dealing with individual buyers, trade your vehicle directly with dealerships. They can give you excellent deals right now. After all, they can turn around and sell the car quickly with their network.
These are wise moves for anyone who requires a change. Perhaps your family is growing, so you need something with a greater seating capacity. Maybe you want a vehicle to serve your small business or weekend hobby.
Consider which model fits your requirements. Are you thinking of downsizing for financial reasons? Two cars made sense when you and your partner were still driving to the office, but one may suffice. Do whatever suits your lifestyle and budget.
If you do end up trading in your vehicle, CarGuard Administration can help you transfer your plan to your new car, so you don’t lose it completely. It’s just one of many perks when you use CarGuard for your vehicle protection plan needs.
How CarGuard Administration Can Help
All cars come with risks. They could break down unexpectedly, leaving you with a headache. Do you have savings to pay for repairs?
Beef up your emergency fund, just in case. Do you have a spare car to use in case of trouble? Create a backup plan.
New units have a warranty to cover most issues, but the coverage is far from complete. You can purchase a vehicle protection plan from CarGuard to ensure quick resolution and financial stability. You can file claims with ease, allowing work to begin right away.
A vehicle protection plan is crucial if you purchased a used car that is no longer under warranty. You may not get support from the manufacturer in case of a mechanical failure, but you can rely on the CarGuard Administration helpline.
Take the car to a repair shop and let the mechanic discuss the details with the company. You will get a rental vehicle in the meantime, so you do not have to cancel your plans. Just resume your routine while you wait. Check out CarGuard Administration today to find a suitable solution for your situation.