Will car prices go down after chip shortage?

Even when the chip shortage is resolved and new vehicle inventories return to normal, Newman said it could take months for used vehicle prices to drop. “However, if you have extra vehicles that can get you by, take advantage of the chip shortage!”

Is it a good idea to lease a car right now?

Because the cost of a lease is based on the difference between the vehicle’s retail price and the expected value at the end of the lease, plus interest, leasing a car right now could be financially advantageous for consumers.

Can you negotiate a better car lease?

Although you aren’t buying a new car, you can negotiate the price of the car just the same. The lower you negotiate the price, the less depreciation you may have to pay for over the life of the lease if all other terms remain the same. That may mean a lower monthly lease payment, too.

Does it make sense to lease a car in 2021?

Leasing a car can make more sense than an outright purchase under a specific set of circumstances. The most significant factor is your average annual vehicle miles. If you put less than 15,000 miles per year on your car, leasing might be a good option.

How do I know if I’m getting a good lease deal?

Quickly Figure Out if Your Lease Deal is Good

• Any lease that costs less than $125/month per $10,000 worth of vehicle is considered a good lease deal.
• IF (“Real” Monthly Payment / MSRP ) * 10,000 is less than $125, then it’s a good lease deal.
• The very best lease deals I’ve seen hover around the $100 per $10k mark.

Can you get through the chip shortage when buying a car?

Here are ways you can get through the shortage when buying a new or used car. The global chip shortage is making it tough to buy certain cars, Consumer Reports says. Here are ways you can get through the shortage when buying a new or used car. The global chip shortage is making it tough to buy certain cars, Consumer Reports says.

Why is General Motors offering lease extensions?

General Motors is offering lease extensions to customers as the global semi-conductor shortage continues to affect the automaker’s vehicle production output.

How long will the vehicle shortage last?

Edmunds analysts estimate that vehicle shortages might last well into 2022. If you’re not in an immediate rush to buy a car — perhaps you’re working from home — you could give the market a few months to cool down.

Does GM charge you for excess miles on a lease?

Unless it has changed ,they give you the time extension but no increase on the allowed mileage! They don’t decrease the residual value either, so it works out. If you’re getting into another GM vehicle, they’re not going to charge you for excess miles. Unless you’re way over in the first place and then wth are you leading in the first place.