 TITLE: Is Now a Good Time to Buy a Car? CONTENT: Is Now the Right Time to Buy a Car?\n-----------------------------------\nFor many people, right now is not a great time to buy a car. Decreased production due to the pandemic—among other factors—has led to shortages for many popular new vehicles. At the same time, there's increased demand from businesses and consumers. The result is high prices and limited selection.\nAuto loan balances were already on the rise in 2020 compared with the previous year. Borrowers in about a third of the country saw an average balance increase of over 5% from 2019 to 2020, according to an Experian auto loan debt study. These average balances may go even higher as vehicle prices rise.\nSome people may need or want to buy a car right now, regardless of the current market. Or, you may find that despite the potential drawbacks, it's actually a good time based on your personal circumstances. If you're considering buying a car in the near future, take a look at the pros and cons first. END