I’d like to buy a new car, are inventories back to normal? New vehicle inventories are still low, lower than last year
Hello Loyal Beaverton Readers! Thank You all for your feedback as well as comments on the last few articles, we do appreciate you.
Since I am a licensed dealer, broker and appraiser, I’m constantly asked if there is any new news about vehicle availability or to a lesser extent, is it a good time to sell a vehicles (short answer, YES!).
I know we covered this general topic last year but for this month’s article, I’ve decided to provide an update on the U.S. new car market. Are new cars here or at least on the way? No. The truth is that there is still an extreme shortage of new (and used) cars. So much so, that automakers are now saying the market will not begin to improve for the next 18-24 months. In fact, dealers will be receiving a far less number of vehicles this year than they were able to obtain last year, and last year was pretty bad.
2020 inventories were down over 50% over 2019 and 2021 figures are further down from that. What this means is that new vehicle dealerships will receive somewhere in the neighborhood of 50% of what was available to them in 2021.
The market is still crazy hot
Low supply makes normal demand look like high demand and people are buying new and used cars as fast as they are available for sale. Over the months, I have had at least 30 different clients from all around the country reaching out to help them find either a new or used vehicle. In most cases, folks have searched far and wide and have been unable to find what they were searching for.
The best way to buy a car in today’s market
In normal years, I would say that buyers who want to do their homework and put in the effort could find their desired car for a reasonable price but that was then. Now, my professional advice is to hire an auto broker. It doesn’t have to be us here at Ferguson Auto Brokers but it should be some professional who has knowledge and access to a variety of dealer inventories. We, for example, have the ability to search in areas most have not considered. For us, we can reach out to dozens of dealers across many states. I’ve even been known to acquire a vehicle before the boat has even landed.
If you’re realistic and do not set your goals too high, a broker can easily help you find a vehicle in a much shorter time than if you were to go it alone. But be prepared that being paint color specific or option specific is really not going to work out in most cases since these days, auto makers are building what currently works for them taking into account parts and semi-conductor micro-chip availability.
There is a lot involved in what is currently being built and as much as we buyers would like to have lots of options to customize our dream ride, it just is not going to work that way… for at least 18 months anyway.
Special order vehicles are however available but be prepared to wait approximately 6 months or more for your ordered vehicle to arrive.
Please, if anyone is in search of a new or used vehicle, or if you have an unused vehicle to sell, please allow us to assist you.
Thank you for reading. We greatly appreciate you all.
In the event any of our loyal readers are in need of a new, or pre-owned vehicle of any kind, please allow us to be of assistance. Also, if you have a vehicle that is not in use, and do not want to hassle with selling it yourself, please allow us the opportunity to purchase the vehicle from you, or sell it in consignment. We do provide pick up, as well as delivery service.