Shoppers

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

– May 26, 2021

As inventory levels fall 33% for new and 28% for used cars, local dealers are paying consumers more for their used trade-in vehicles.1

CHICAGO, May 26, 2021 — 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

Read More

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

As inventory levels fall 33% for new and 28% for used cars, local dealers are paying consumers more for their used trade-in vehicles.1

CHICAGO, May 26, 2021 — 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,

Read More

40% of Car Shoppers Willing to Pay $5000 over MSRP for a New Car

Photo credit: Stratol - Getty Images

Photo credit: Stratol – Getty Images

  • A study conducted in the last week of April found that most car shoppers have heard about the semiconductor chip shortage and are aware that it is affecting vehicle production, supply, and thus prices.

  • Forty percent say they’re willing to pay 12 percent over MSRP for a new car. Given average new-car prices, that means $5000.

  • Over a third of shoppers looking now say they’d wait to buy, given the high prices, and a quarter of those people say they’ll buy used instead.

You already know this, but we’ll say it again: car prices are climbing. A report in April showed prices were around 4 percent higher than a year before, and we’ve beat that news drum repeatedly in the past month. It turns out that people seem to understand that there’s no way around it if you want to buy a new car

Read More

Some U.S. car shoppers are paying $5,000 over a vehicle’s retail price

May 12, 2021 10:59 AM EDT

FILE PHOTO: Automobiles are shown for sale at a car dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo


Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.


(Reuters) – Many U.S. consumers are willing to pay $5,000 more than the sticker price of a new vehicle, as a global semiconductor chip shortage has led to a supply crunch at a time when demand for cars is soaring, a poll by research firm Cox Automotive found.

The chip shortage has forced car manufacturers to idle factories and cut production, which has created a scarcity for new vehicles in the market, sending prices of both new and used vehicles surging.

“More than 40% of car shoppers are willing to pay above manufacturer suggested

Read More