Tips on How to Buy or Lease a Car During Global Microchip Shortage in Vineland, NJ

Tips on How to Buy or Lease a Car During Global Microchip Shortage

Joe LaCroce's Blog | Tips on How to Buy or Lease a Car During Global Microchip Shortage

How to navigate a tough market if you're shopping for a car today

What You Need to Know

  • Dealer inventory is low and prices are high due to a global semiconductor chipset shortage as well, as spiking consumer demand;

  • New car inventory is down 48%, with trucks hit the hardest (down 64%)

  • Dealerships are not discounting cars, trucks or SUVs, and mostly eveyone willingly pays over the MSRP sticker price due a fair market adjustment.

  • Used vehicle values have INCREASED due to limited new inventory and buyer interest in quality used or certified vehicles

A global shortage in semiconductor chips, which are essential components of a modern vehicle, has slowed automotive production and caused an inventory shortage in new cars. Together with rising consumer demand, this has led to an increase in prices at all dealerships, including RK Chevrolet, Kia, Subaru of Vineland, NJ 08360, where the percentage of buyers paying above sticker price has risen more than 50% in the last year.

At this pace, it's going to be a lot tougher for you as a car shopper to find exactly what you want. You will pay above list price to get the car that you want, but if you know you're going to need a new vehicle in the next few months, definitely pull the trigger and come see me now before this situation gets any worse!

While the chip shortage only affects new cars, it has also supercharged demand for used cars because customers either want less expensive alternatives or simply can't find what they're looking for in new inventory. Dealerships have little incentive to discount any of their cars as long as demand exceeds supply across the New Jersey, Delaware, Pennsylvania and across the world.

Car Shopping Tips

  • Recalibrate your expectations for discounts -- think NONE. The market has changed. That great deal you got a few years ago will not be the same today. Don't be surprised when a dealership holds the line on the sticker price, or most-likely sets a price above MSRP.  However, rest assured, you will be paying the vehicles worth.

  • Don't get set on one color or car. Inventory is limited, and it will be for months. Have backup color choices and even a range of different models to give yourself the most flexibility.

  • Try a sedan in place of an SUV or truck. Trucks and SUVs are by far the most popular vehicles today, which means that they will be more expensive and harder to find. Sedans offer more space than ever and, are usually easier to find on a dealer lot.

  • Shopping new?  Consider used!  Shopping used?  Consider new! In today's shrinking market, it's best not to leave any stone unturned. There may be situations in which a new car might be a better value than a used car, or vice versa.

  • Consider a lease as a temporary solution. It gives you an easy, affordable out in two to three years when you want to return and maybe change vehicle.

  • Wait it Out.  Figure over six (6) months; and some other experts are claiming the vehicle shortage to go into late 2022!  NOTE:  vehicle values will only continue to increase; so there's no time like the present to contact me, to come get your vehicle before it's too late...!
See More Info
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