5/18/2011 - Car analysts say buy now, not later
Car industry analysts say people may want to buy now rather than later. Not because it's better for their bottom line, but because it will save the consumer money
Though a decline in production hasn't been felt yet, Jeremy Anwyl, CEO of Edmunds.com, said the manufacturing drop-off in Japan after the earthquake is bound to affect domestic car inventories. And when it does, prices will increase because of low supply.
Anwyl said shrewd shoppers will take advantage of low car prices while they still can.
"Savvy consumers realize that it makes sense to buy sooner than later," Anwyl said. "This year, it won't make sense for car shoppers to wait until summer to get the best deals.
According to the car review website, July has traditionally been the best month to buy a car for people looking to land a deal. But Anwyl doesn't expect many automotive outlets will be advertising many bargains this summer.
Another factor that doesn't bode well for car or auto insurance sales is the high cost of gasoline. Gas prices are expected to continue rising throughout the summer, perhaps leading to fewer people taking to the roadways.