I was in the same position as you, except in regards to buying replacement automobile. My current car will not last another 2 to 4 years, or however long it would take for automobile prices to come back down after a major spike. I am looking back over the COVID period and using that as a predictor of what could happen in the next two years.

AND it is is not pretty. Cars are already way too expensive as it is and adding another 10% to 20% puts buying a car outside of what I am willing to do. Could I make my car last longer? Not without putting a short block in it, which is a $6000 proposition and the car might be worth $7k if it was in mint condition, which it is not. Even if I did replace the engine, it would start having the myriad of "old car problems" over the next few years and just how expensive will parts be?

What are interest rates going to be?

So instead of waiting another 6 months, where I would have enough to pretty much pay cash, I went ahead and bought a car this past Wednesday, but with a lot more financing than I really wanted to do. But with good credit, I got a sub 6% rate, I'll just pay it off faster so I don't take a bath on the interest.

Now I have a car, 2019 Camry Hybrid, with 30,000 miles on it that I feel will easily last the next 4 years without much more than maintenance. I kept my old car, I have a teen driver that needs it, and will keep it till he goes to university next August. I'll keep an eye on the used car market and when I can sell it for a good price, I will. Then use that money to pay off my current car, saving that interest.

Or I might just sell everything, go buy a boat and explore the south Pacific the next 4 years... Who knows.