Finding your dream car may still be tough: the truth about new vehicle inventory
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Over the past couple of weeks, we have had some readers ask about not being able to find the exact car they had their heart set on. Of course, after asking if they had tried using a broker who may have knowledge of inventory not seen online or in the lots, I explain to them the reality of 2021. Here is the truth about new vehicle inventory during the COVID19 pandemic we are currently experiencing.
Don’t get your hopes up
It’s getting easier to shop for a new car again now that dealerships across the United States are starting to open up following the coronavirus lockdowns. But don’t go shopping with your heart set on anything specific. It’s going to be harder to find the exact car, truck or SUV of your dreams.
Even though dealer showrooms were closed in many places, customers could still buy cars online and have them delivered to their home during the shutdowns.
Many shoppers were attracted to the remarkable 0% financing and long-term auto loans — a combination that made for low monthly payments — being offered by auto lenders and this helped to clean out dealership lots. In an ordinary month, 0% financing deals represent about 2% of all new car sales, but in January 2021, more than one in five cars were sold with 0% financing.
With auto factories shut down for weeks, there has been no new inventory to replace the cars the dealerships have sold. Ordinarily, if Dealers didn’t have the exact car or truck someone wanted, he could call around to other area dealers and arrange to trade something for it. Now, even that has become difficult.
Interestingly enough, there are many low or zero interest options, not to mention large rebates, and this is of interest primarily because there is very little inventory. Yet the incentives are high and it is still a good time to purchase a new vehicle.
In general, there aren’t shortages on all makes and models but most inventories are tight on the more popular vehicles such as GM Chevrolets, GMC SUVs and pickups. Trucks are particularly an issue because they come in so many varieties. Between the beds and the cabs and the all-wheel-drive, there’s quite a lot of configurations.
That means that even if there were, say, 15 trucks on a dealer’s lot, finding the one you want, even before the pandemic, would have been tough. Now, even though the country is starting to open up, it’s still going to be tough, very tough.
If you have comments or questions, please feel free to reach out to me: email@example.com or visit fergusonautobrokers.com. If anyone would like to save time or money, I would love to help you with the purchase or lease of your next vehicle. Have a car you’d like to sell? I can also help with that too!