Car-shopping tips when the supply chain is strained.
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Make, model, mileage. Leather seats or sunroof? There’s a lot to consider when buying a car. Now, add microchips to the list. Turns out a global scarcity of chips is causing a car shortage. And, unfortunately, these problems aren’t ending anytime soon, say experts at Consumer Reports and Edmunds. Wait to buy a car, if possible. But if you need new wheels now, follow these car-buying pointers:
Be flexible. Finding a car that checks all of your boxes might not be realistic right now. Instead, decide what features matter most, whether it’s price, mileage, passenger count, or towing capacity, then check for different makes and models that might do the job.
Shop around. Instead of just checking stock at local dealers, cast a wider net. A dealer farther afield might have “your” car in stock or listed at a better price.
Expect higher prices. When supply is low and demand is high, dealers aren’t inspired to negotiate. According to the experts at Edmunds, “These days, paying MSRP might actually be a ‘good deal,’ relatively speaking.” Consumer Reports notes that “large pickup trucks and SUVs have seen the biggest increases, while smaller cars, sedans, hatchbacks, and front-wheel drive SUVs have had smaller price hikes.”
Expect higher prices on used cars, too. Some experts say the average used car price will soon top $30,000, a first in this category.
Be prepared to buy now. Cars don’t last on lots, so when you do find “the one,” act quickly. Go ahead and arrange financing and get a quote on your trade-in, so when the right car comes along, you’ll be prepared to move on it.
But expect to wait. The best way to get exactly what you want: order it from the dealer. Although lead times can stretch to 12 weeks or longer, if you have your heart set on a particular hybrid or truck—in your favorite color—your patience will pay off.
