The effects of inflation have driven up the prices of new and used cars. WSFL-TV Trusted Advisor of Van Horn Law Group, Chad Van Horn, joined Inside South Florida to share tips on how to navigate the difficult automotive market.
“Supply is going to catch up with demand and the price of cars is going to go down,” says Van Horn. “You should be careful when you're buying these vehicles with inflated prices because prices are going to come down.”
Some find that purchasing a used vehicle from a ‘Buy-here Pay-here’ car dealer a viable option. You should beware says Van Horn.
“There is no lemon law for used vehicles,” says Van Horn. “If you are buying a used car from a reputable or disreputable dealer, you should make sure that you have a mechanic check out that vehicle because you're buying it as is.”
If you’re struggling to make your car payments, repossession could come sooner than normal.
“There is a used car shortage, and they are repossessing after one missed payment. If you're negotiating with them, and you're trying to work out a payment plan, they can still repossess that vehicle if you're in default,” says Van Horn. “If you are falling behind, make sure you reach an agreement with the creditor and have that agreement in writing.”
If you’re on the market to buy a car but have filed for bankruptcy, there is good news for you.
“It only takes about six to 12 months to get yourself to a credit-worthy score to qualify to purchase a vehicle,” says Van Horn. “There are actually reputable lenders out there and companies that will sell you a car and not charge you 30% interest.”
For more information, visit VanHornLawGroup.com or call 954-637-0000
This Inside South Florida segment is paid for by Chad Van Horn.
