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Are Shoppers Giving up on Finding a New Car?

Buying a new car isn’t easy right now. Four months of declining new-car sales aren’t the result of consumers who don’t want to park a new vehicle in their garage; they come after automakers have struggled to ship cars to dealers.

Kelley Blue Book found around half of those in the market for a new car have decided to postpone their purchase for at least a few months in hopes dealers will have more cars in inventory.

Back in May, when the effects of the computer chip shortage stifling production amid record demand were just beginning to be felt, KBB polled shoppers and found just over a third were planning to push off their car purchases.

Eighty percent of shoppers in the latest poll said they were willing to wait between three and 12 months, up from 60% in May.

It’s hard to blame them.

Average transaction prices continue to hit record highs, and especially in-demand vehicles are often snapped up before they are even rolled off the delivery truck. About 35% of respondents said they were willing to pay above the Manufacturer’s Suggested Retail Price (MSRP) for their new car, too.

Around a quarter of shoppers polled said they were willing to switch to a different brand and vehicle model, though just 18% said they would consider a used vehicle rather than a new one. See new car models for sale

Andrew Ganz
Andrew Ganz is an author specializing in helping in-market consumers get the most bang for their buck -- and the best car, while they're at it. When not virtually shopping for new and used cars, Andrew can probably be found under the hood of a vintage classic that's rapidly losing fluids.

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