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Car industry analysts say buy now, not laterPosted On Fri, April 15, 2011
It's believed that Thomas Jefferson once said that it was better to do something today than to put it off to tomorrow. And when it comes to buying a car, industry analysts say that may be a good rule to follow.
The reason, according to Edmunds.com, is that fewer cars are being made because of car part supply shortages, largely due to so many manufacturing plants being shut down in Japan after the earthquake. With low supply, prices tend to rise.
Jeremy Anwyl, CEO of Edmunds.com, said shrewd carbuyers are expecting prices to rise.
"Savvy consumers realize that it makes sense to buy sooner than later," said Anwyl. "Given the situation in Japan, we expect that product shortages could arise for some models beginning in May."
Anwyl went on to say that consumers often wait until the summer to find a bargain, but he doesn't there to be a whole lot of deals this year. Over the past 10 years, Edmunds.com reports July has been the month for the deepest price cuts at nationwide dealers.
Auto insurance companies may see a drop in policy purchases if consumers respond by not purchasing as many cars. The high cost of gas may portend fewer automotive buys as well.
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