Are We Still in a Seller’s Market for Car Buying in 2023?
Supply chain issues and soaring new vehicle prices have resulted in a drop in car sales for the first half of the year. The remaining months are not expected to bring much relief, with microchip shortages continuing to plague manufacturers. And it’s an understatement to say it’s impacted the car market. So, are we in a seller’s market for car buying?
Are car buyers soon to be at an advantage? Let us dive in!
Experts don’t expect the microchip crisis to ease until 2023, which means that high new vehicle prices will likely continue to prevent car buyers from making a purchase. That said, inflated prices are predicted to continue through early 2023.
So, the short answer? Yes, we are still in a seller’s market – and will likely remain there at least through the end of the year.
On the plus side for buyers, many dealerships are starting to see an increase in inventory. But while volume is higher than it was this time last year, it remains at a historical low. It’s also important to note that the pandemic has influenced the way many car dealerships do business.
Even as more cars are produced, dealers may not stock their lots with more inventory than necessary. Lower supply means higher demand after all! Another change involves pricing. While prices start to decrease, dealers may protect their bottom line by skipping the huge discounts they offered pre-pandemic.
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