Most automakers could not build as many vehicles as planned because of a lack of semiconductor chips, which are essential components of a modern vehicle. New vehicle inventory is a third of where it would normally be at this time of year. As a result, car shoppers on Labor Day weekend will face higher prices and a limited selection whether they are shopping for new or used.
“Inventory won’t likely be back to normal levels until next year — if they ever do at all,” said Jessica Caldwell, executive director at Edmunds.
“It seems as if automakers are rethinking their production and inventory strategies given they have sold fewer vehicles but at higher prices, so inventory may look different in the near future.”
Average transaction prices continue to be at record highs. In June, the average transaction price for a new vehicle was $42,331, an increase of 8.6% from last year.
“The lack of new car inventory has created a lot of pressure on the used market as consumers are seeking out less expensive options,” Caldwell said. As a result, the average used transaction price in June was $26,457, up 27% from a year ago.
It’s a tough time to buy a car. But the good news is that we’ve combed through the latest transaction data to find five new vehicles with a combination of high discounts and above-average inventory to make your search easier. We’ve organized them in order of percentage off the manufacturer’s suggested retail price.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A TOP ENERGY STRATEGIST IS OPTIMISTIC ABOUT CLIMATE CHANGE. AND HE HAS THE DATA TO BACK THAT UP
When it comes to energy, Jarand Rystad is the numbers guy. The former McKinsey Company partner founded Oslo-based Rystad Energy, an independent research and energy intelligence company that sells data and analysis on oil, gas, coal and renewable forms of energy.
CHINA ANNOUNCES MORE SUPPORT FOR ECONOMY BUT HOLDS BACK ON MAJOR SPENDING PACKAGE
China’s economic planning agency outlined details of measures aimed at boosting the economy this week but refrained from major spending initiatives.
GOOGLE SAYS IT WILL STOP LINKING TO NEW ZEALAND NEWS IF A LAW PASSES FORCING IT TO PAY FOR CONTENT
Google said it will stop linking to New Zealand news content and will reverse its support of local media outlets if the government passes a law forcing tech companies to pay for articles displayed on their platforms.
FACEBOOK, YOUTUBE AND TIKTOK USERS IN EUROPE GET FORUM TO CHALLENGE SOCIAL MEDIA CONTENT DECISIONS
Social media users in the European Union will soon have a new forum to challenge decisions by platforms to remove posts and videos for breaking their rules or leave up others that may violate them.
'JOKER 2' STUMBLES AT BOX OFFICE AMID POOR REVIEWS FROM AUDIENCES AND CRITICS
“Joker: Folie à Deux” is the No. 1 movie at the box office, but it might not be destined for a happy ending.
CONTROL THE PATH AND POWER OF HURRICANES LIKE MILTON? FORGET IT ,SCIENTISTS SAY
Hurricanes are humanity’s reminder of the uncontrollable, chaotic power of Earth’s weather.
JUDGE RULES THE FTC CAN PROCEED WITH ANTITRUST LAWSUIT AGAINST AMAZON, TOSSES OUT FEW STATE CLAIMS
A federal judge said the Federal Trade Commission can proceed with its landmark antitrust lawsuit against Amazon. But, he also gave the company a small victory by tossing out a few claims made by states involved in the legal fight.
HYUNDAI HAS BEGUN PRODUCING ELECTRIC SUVS AT ITS $7.6 BILLION PLANT IN GEORGIA
Hyundai has begun producing electric SUVs in Georgia less than two years after breaking ground on its sprawling, $7.6 billion manufacturing plant west of Savannah.
A SPACECRAFT IS ON ITS WAY TO A HARMLESS ASTEROID SLAMMED BY NASA IN A PREVIOUS SAVE-THE-EARTH TEST
A spacecraft blasted off Monday to investigate the scene of a cosmic crash.
FEDERAL JUDGE ORDERS GOOGLE TO OPEN ITS ANDROID APP STORE TO COMPETITION
A federal judge this week ordered Google to tear down the digital walls shielding its Android app store from competition as punishment for maintaining an illegal monopoly that helped expand the company’s internet empire.