Sticker shock pushes shoppers out of new-car market as affordability crisis deepens

A growing number of consumers are shying away from the new car market as prices increasingly become out of reach. But used cars aren't offering much relief either, according to auto industry experts.

Steven Posner, CEO of Putnam Leasing, told FOX Business that longer leases could help mitigate some of the pressures consumers are facing.

"If consumers are in a lease right now at a lower rate, seeing if they can extend the lease with the manufacturer is a good way to get more time to see where the market is headed," Posner said. He noted that most car manufacturers will give consumers six months at the same rate and payment, so that they aren't forced into buying something that they might not get the best deal on.

For New Jersey car dealership owner Tom Maoli, some of his customers are even looking into longer-term financing out to 72 months.

Posner added that it’s also important to remember that dealers are especially motivated to make deals at the end of the month and the end of the year. By the end of the year, certain manufacturers are motivated to push the cars out and clear inventory, often making it an even better time to get a car.

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