The same car-buying advice has been thrown around for ages: negotiate only on the price of the vehicle; walk away if it isn’t right; buy a used car to save money and minimize depreciation. All of this was sage advice in pre-pandemic times, but the ongoing vehicle inventory shortage means common tactics may no longer work — at least for the foreseeable future.
In the current inventory pinch, dealers are unlikely to come down much on the price of a vehicle. In July 2021, J.D. Power pegged the average discount on a new car at just 4.8% of MSRP, a record low, amid strained dealer supply. If you walk away from a car purchase, there’s no guarantee that another dealership will have the vehicle in stock. Even buying a gently used car in lieu of a new one may not yield substantial savings, given used-car prices are hitting record highs.
Related: How Long Will the Vehicle Inventory Shortage Last?
For shoppers who can’t postpone a purchase until the shortage improves, getting a good deal may sound like mission impossible. But proper preparation, flexibility and a few tips can improve your odds of saving dough even amid the chaotic market.