It might be the worst time in history to buy a car, as several factors have led to low inventory and high prices for new and used vehicles across New Jersey.
U.S. sales of new cars and trucks were expected to drop in August, ending summer on a low note for the auto industry and making it less likely that this year's auto sales will match the record set in 2015.
Q. If I’m purchasing a new car and can pay cash, especially since bank interest rates are so low, would it be to our advantage to take a zero percent five-year loan from the dealership and lose the additional $1,000 discount?
May is usually one of the strongest months of the year for the U.S. auto industry, as Americans buy cars ahead of summer road trips. But last month, U.S. auto sales were expected to drop 7 percent to 1.5 million cars and trucks, according to car shopping site Kelley Blue Book. That's the biggest monthly sales decline since the Cash for Clunkers hangover in August 2010.
Most major automakers reported U.S. sales gains last month as stronger employment figures and consumer confidence drove the auto industry to its best March in 16 years.
U.S. auto sales fell slightly in January because of the East Coast snowstorm, but analysts say demand remains strong and buyers will likely head back into dealerships this month.