Like the housing market, the pandemic took a toll on the local auto market. There's been a huge demand for auto loans, and prices for new and used cars have been on the rise.

"This is a case of supply and demand," said Michael Thomas with Greater Nevada Credit Union. "There's just not the inventory of cars, both new and used, and the demand is high. People want to get a car, they've put it off for awhile. As a result, with high demand and low supply, prices go up, and and that's what we're seeing in the new car market and the used car market. We've actually hit some records for production at our credit union and we realize that's because people have probably put it off as long as they can."

Lenders at Greater Nevada Credit Union advise, when shopping for a car, to focus on the things you can control - like your credit score and monthly budget.

"It's so key, if you go to any type of a borrower and you explain what you need to have as your monthly payment, there's lots of options that we can do to structure a loan, extend the term," Thomas said. "And keep in mind, even if you have to lock in at a rate you don't love today, rates will go down or will likely change in the future, you can refinance at that point. But you can control your credit score, how you make your payments, and really make sure you can afford that car."

When you're looking at financing, shop around. Interest rates make a big difference. And if you can wait, experts say, there could be some benefits there.

"There's a silver lining to having to be prepared," Thomas said. "If you know what car you want, you can work with your dealer to have a custom-ordered car. It might take six months to get here, but you're going to get all the features you want, all the special packages, and you're going to be able to know what your price is."

Cars are major purchases, so lenders advise taking the time to do your homework.

"It's really important not to get impulsive and not to stress yourself out, because there is always going to be the next thing we face," Thomas said. "If we learned anything through the pandemic, things can change very rapidly. We are hoping that late fourth quarter, early 2023, that inventory issue will start to get better."

He says another silver lining is buyers with trade-ins may be surprised at just how much their car is worth right now.