Do your research before buying a new car

OTTAWA Buying a new car can be an exciting but stressful exercise in the best of times, but right now supply shortages and soaring prices for used vehicles have made buying a new set of wheels harder than ever.

Empty lots at new car dealerships and a brisk market for used cars means you need to do your research and be flexible and prepared before heading out in search of your new ride this fall, experts say.

Shari Prymak, senior consultant at Car Help Canada,said the majority of new vehicles are not readily available and must be factory ordered with a waiting period from a few weeks to two years.

He recommends buyers looking for a new car should shop around and contact several dealers in advance by email to obtain fully itemized price quotes.

A recent report by AutoTrader found used vehicle prices may have reached their peak this summer as they softened on a month-overmonth basis for the first time in more than a year in July.

However, Baris Akyurek, director of marketing intelligence at AutoTrader, said prices for new and used cars are still up significantly from where they were a year ago and they are selling quickly, so it is important for buyers to do as much research as they can to be ready to make a decision once they find the vehicle they are looking for.