![]() ![]() "You are either deciding 'no, I don't want that car' or 'I'll pay 2% more for it. "Kias and Hondas, on the other hand, have been going for 3% to 4% over MSRP (manufacturer's suggested retail price)," Moody said. For other brands, lower inventory remains an issue. The figure for April was just over 18%, still very high historically.īrands like Chrysler, Ford, Nissan, Toyota and Volkswagen showed a slight decrease in average transactions price month over month, from March to April. What types of vehicles are hottest? Trucks, SUVs and minivans have seen an increase in demand, but sales of new luxury cars surged to 19.5% of the market in February, a record. "A year, year and a half ago, the number for used cars was double the number for used cars," Moody said. Ford announced in June 2021 that it is idling production at eight plants, including six in the US, through. Days of supply for used cars was hovering around 41 - also a significant year-over-year increase. Both Honda and Toyota shut down production at plants in Asia because of chip shortages. A days' supply of 60 has historically been considered a strong inventory.ĭays of supply for new vehicles hit 53 at the end of April, a two-year high and a 47% increase year over year. ![]() He points to figures recently released by Cox Automotive, which show significant changes in "days' supply" numbers - used in the automotive industry to describe how many days a seller could meet demand if no additional vehicles were available. A new survey found five things consumers are doing as a result. "It's to the point where we can say about new cars that there's no longer a lack of inventory," Moody said. What weve done here at Honda East is taken the unprecedented step of displaying our entire pipeline of new Honda inventory, meaning that even if there are. A perfect storm of factors (including a global chip shortage) means car shoppers are finding the thinnest vehicle inventory in years. Overall numbers are bouncing back though, Autotrader senior editor Brian Moody noted. Global shortages over the first few years of the decade have been driven by everything from the pandemic to economic downturns to earthquakes to a dearth of parts - particularly semiconductor chips. The Associated Press reports that computer chip shortages as well as a lack of other automotive parts continued to hobble the U.S. Learn: How To Build Your Savings From Scratch New Car Market: Prices Are About To Plummet Due To Oversupply That doesn't mean that certain makes and models aren't still in short supply. ![]() The worst of the inventory shortages that have plagued car buyers in recent years may be over. ![]()
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