New Research Reveals Shoppers Expect to Pay Above MSRP, Nearly Half Willing to Pay as Much as 12% over Asking Price
ATLANTA, May 20, 2021 /PRNewswire/ — It’s a tough time to be in the market for a new or used car right now, as dealers experience issues with tight inventory supply and shoppers are left to deal with the resulting high prices. The upcoming Memorial Day weekend historically is a hot time for vehicle sales, especially for shoppers used to seeing summer kick-off deals and incentives at their local dealerships, but this year car buyers should brace themselves for a very different shopping experience. The ongoing vehicle inventory crisis was spurred by a host of factors preventing automakers from building as many cars as they would like, including a global semiconductor shortage and various supply chain issues, along with pent-up demand from last year’s pandemic restrictions. Amid this difficult marketplace, the experts at Autotrader offer insights and tips to help shoppers as they face the challenges of buying a new or used car in the coming months.
“There’s really no way around it right now, the laws of supply and demand are at play and shoppers should be prepared to pay more when buying a car – especially if it’s a popular type of vehicle like an SUV or truck,” said Brian Moody, executive editor for Autotrader. “Much like the housing market, the new-vehicle market is extremely competitive, making the impacts of the vehicle inventory shortage that much more challenging. Heading into Memorial Day and the start of summer, we expect it will only get more competitive in the near-term.”