5 Reasons You Should Wait until 2022 For Your Next Car Purchase
It’s a travesty that dealers are in short supply of the new cars they’re supposed to sell. The global computer chip shortage is making it impossible for many people, especially those looking forward to their sweet scent all day long on take-home vehicles when driving them home from dealership lots across America!
It might be a good idea to wait until next year before you buy your car. Here are 5 reasons why this could change the game for buyers in 2022:
Inventory is low
The inventory on new cars across the board is lower than usual right now. According to MarketWatch, many Toyota dealers are down to just an 18-day supply of vehicles with four runners being one such popular car that’s in short supply.
It’s no surprise General Motors is suffering from a shortage of parts, but what about dealers? MarketWatch reports that many have less than 25 days’ worth of SUVs they can sell and an average price close to $100k for one. The chip shortage has had its toll on every automaker- even those with larger inventories are being impacted by this problem!
Non-existent or short-supplied incentives
The recent chip shortage has led to the cancelation of many car incentives and forced dealers into a tough spot. This is because they can no longer offer discounts on new cars, but there’s also not enough incentive for them since their inventory levels aren’t high either!
The average new car discount is $2,957. With the recent decrease in discounts people are getting less for their purchase than before and this may be why many buyers find themselves with sticker shock when they go to buy a vehicle
-This could also mean that there has been an increase in demand which means dealerships will need higher prices or lower profit margins!
Dealers are charging more
We all know the MSRP, or Manufacturer’s Suggested Retail Price for cars. But what you might not realize is that dealers are now charging well over this amount in many cases!
For instance, if your Toyota RAV4 was listed at $25000 on their website then expect to pay up to 60k just because there’s always some greedy salesman trying his best to get every penny he can out of us consumers with fees and additional costs tacked onto our purchase price without warning – maybe wait it out?
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Hard to get credit approval for a loan
The auto loan market has been getting more competitive, and dealers are taking advantage of this by inflating the price of new cars. This means that even if you have less-than-stellar credit or a challenging situation with your current financials to get approved for an auto loan in today’s climate – it may be harder than usual because their true value is being overestimated at 120% instead of 70%.
If you’re approved for a loan, then your car may have an inflated value and high-interest rates.
Prospective buyers are buying cars that haven’t arrived yet
The decrease in new car supply has caused a shortage of vehicles on the market. As such, buyers are putting orders for cars that haven’t even arrived at dealer lots yet- which will make it tough if you want to buy one without waiting another year!