A global shortage of microchips has limited the number of new cars built throughout the year. The showrooms are half empty. New car prices are soaring. And the Americans know it. Many delay buying a new car until the shortages disappear.
That’s the conclusion of a new series of Kelley Blue Book consumer studies.
Almost half are willing to postpone the purchase
In surveys at the end of August, 48% of new car buyers said they were likely to postpone their purchases. In May, only 37% said the same.
When asked how long they would wait, 80% said they would stay out of the market for three months to a year.
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“With a large portion of the population in the market now saying that they plan to delay their purchase given current market conditions, it will be interesting to see how this could impact the delicate supply balance,” demand and pricing in the industry, ”said Vanessa Ton, senior manager of industrial intelligence at Kelley Blue Book.
In August, the average price paid for a new car reached $ 43,355, an increase of almost 10% from the previous year. Americans bought just over a million cars that month – one of the lowest monthly sales totals in a decade.
Those still looking to buy are ready to drive far
Of those still looking to buy, 25% said they would consider switching brands due to the shortage, while 19% were willing to consider a different type of vehicle than they originally planned to buy. . Thirty-eight percent were willing to consider a used car rather than a new car. New car buyers entering the used car market have helped drive used car prices to record highs.
A total of 75% said they were willing to drive out of their area to find the car they wanted. Most buyers were prepared to go between 50 and 200 miles.
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Less willing to pay high prices
Some were also willing to pay higher prices – 35% said they would pay up to 13% above MSRP (or about $ 5,600 more based on Kelley Blue Book’s latest average transaction prices. ). That same figure stood at 42% in May, suggesting that more buyers are now willing to wait rather than paying too much.
This story originally appeared on KBB.com.