Hurry, Supply Is Limited
It’s also not a secret that dealership inventories have remained lean throughout 2021. This is mostly due to a worldwide shortage of microchips that brought new car construction to a halt. Many experts believe this will remain the headline for most of 2022, as well.
This limited supply means the record high prices may last a little while longer. Many dealerships have seen an uptick in both new and used vehicle inventories the past few months, and the chip shortage seems to be easing a little, making for a strong chance that inventory numbers will continue increasing, but not to pre-pandemic numbers.
All this adds up to prices for your used vehicle remaining high. But, there’s no guarantee that they will stay at this record high, so now may be the best time to sell or trade-in for a new vehicle.