13 Action News first told you about the national car shortage and how it’s impacting customers looking to buy a new car. Now, that same shortage is trickling into 2022.
Industry experts say, for now, those in the market for a new car can expect to spend more.
“At the beginning of the pandemic, many assembly lines shut down, both car manufacturers and manufacturers that make parts for cars as well. When manufacturers started up again, there was pent-up demand from consumers, which caused prices to rise,” said Nathan Hecht, founder of Rodo, a company that helps streamline the leasing and buying process.
The slowdown in production set off a wave of new and used car sticker shock.
“We’re not really anticipating overnight the prices will collapse but I do think that there will be some reset of prices over time so that we do get to level the playing field between the dealer and the consumer,” Hecht said.
Originally, Hecht said industry experts anticipated inventory would be back to pre-pandemic levels by the fall of 2021 but that wasn’t the case.
“You have to be flexible with your options. Also, it doesn’t matter if you own the car or if it’s a lease, both of those types of vehicles today have a lot of equity and that equity can easily help you offset the new car that you’re getting into even if it’s slightly more expensive,” Hecht said.