The end of the calendar year is typically one of the best times to find a deal on a new car, when dealerships are eager to sell leftover inventory to make room for the next year’s models. However, the market is looking much different this year due to inventory shortages, and consumers might need to adjust their expectations.
According to a recent Edmunds survey, nearly 40% of car shoppers have encountered issues with a shortage of new vehicle inventory and 33% of car shoppers said that the lack of inventory has affected their timeline to buy a new vehicle. Edmunds’ data also shows competition among shoppers for the limited number of cars on the lot is fierce: one in 12 new vehicles sold the same day that they hit the dealer lot, nearly half of all new vehicles sold within the first week, and almost two thirds of all new vehicles sold within the first two weeks.
Jessica Caldwell, Edmunds’ executive director of insights has a holiday car shopping game plan. She will be available for interviews on November 10 to help provide insider tips for consumers who need to make a car purchase by the end of the year.