Shoppers

Car shoppers might have to settle for their second or third choice

The most desirable new vehicles are selling before they even hit dealerships. Used-car prices are through the sunroof. And automakers worldwide are idling plants and cutting capacity as they wait for more desperately needed chips to be delivered.

Instead of the more typical dealer discounts, markups are spreading to new cars, and for hot models like the Chevrolet Tahoe, $10,000 would not be out of the question. Shoppers, confronting a market that should have millions more new cars on the road this year, are shrugging and paying up.

Bu with dealer lots cherry-picked and sparse, many car buyers have been forced to reconsider their choices and kick the tires of overlooked models and brands. Some are settling for paint colors they would normally dismiss. Others are turning from new to used. People are rethinking their transportation coming out of the pandemic and even changing the way they buy a

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Inventory Shortages Drive Car Shoppers to Neighboring States: Cars.com Reports 10% of Recent Buyers Traveled Across State Lines to Purchase a Car | News

– June 10, 2021

Car Supply Shortage Squeezes Sellers and Shoppers as Cars.com Finds Nearly 1 in 3 Recent Buyers Drove 100 Miles or More for the Car They Want1 

CHICAGO, June 10, 2021 — According to recent research from leading digital automotive marketplace and solutions provider Cars.comTM (NYSE: CARS), nearly 10% of recent car buyers drove out of state to purchase their desired vehicle, with more than half (52%) of those traveling 25 miles, nearly 20% traveling 50 miles and 13% of buyers traveling more than 250 miles to a dealership due to ongoing new- and used-car inventory shortages.

“With the current auto inventory challenges, recent car buyers are going to great lengths to find the car they want,” said Kelsey Mays, Cars.com assistant managing editor, news. “I don’t anticipate this trend slowing down, either. Of consumers currently in the market and shopping for a car,

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High prices, few discounts and low inventory await car shoppers

Daniel Acker | Bloomberg | Getty Images

Car shoppers hoping to cash in on Memorial Day weekend sales events may want to rein in their expectations.

On top of reduced inventory due to a shortage of microchips — key parts needed for today’s autos to operate — and unrelenting consumer demand pushing prices higher, there are fewer incentives being offered by manufacturers and dealers.

The average incentive is $2,957, down from $4,825 in May 2020 and $3,878 in May 2019, according to a new forecast from J.D. Power and LMC Automotive.

“People will be in for a bit of a surprise,” said Ivan Drury, senior manager of insights at Edmunds.com. “There will be little to no negotiation on price.

“We’re seeing more people pay sticker price or above.”

At the start of the pandemic more than a year ago, when dealerships and manufacturing plants were shut down, chipmakers pivoted to

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43% of Car Shoppers Plan to Buy This Memorial Day Weekend, But It’s an Even Better Time to Sell, Reports Cars.com

CHICAGO, May 26, 2021 /PRNewswire/ — Car shoppers are ready to take advantage of Memorial Day weekend deals — if they can find them, according to recent research from leading digital automotive marketplace and solutions provider Cars.comTM (NYSE: CARS). However, shoppers may have better luck selling their vehicle to a local car dealership. With vehicle inventory levels falling, the demand for used cars is up, giving consumers a prime opportunity to get substantially more for their current vehicle given used-car list prices have increased 14% since January.2

“Memorial Day weekend is traditionally a very active car-shopping holiday with significant discounts offered across the industry, but the global chip shortage and huge consumer demand continues to impact both new and used dealer inventory,” said Kelsey Mays, Cars.com’s assistant managing editor. “A few attractive deals still exist this holiday among the more than 2 million cars for sale on Cars.com,

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