2021 was an unusual year for the automotive industry. While customer demand for new cars rebounded from the economic uncertainty of 2020, automakers found themselves unable to meet that demand because ofand supply chain problems, and prices for both new and used cars skyrocketed.
So what should car shoppers expect for 2022? Much of the same, unfortunately.
“Competition for new vehicles will be fierce as inventory shortages persist in 2022,” said Ivan Drury, senior manager of insights for the auto website Edmunds.
Along with shortages and supply chain issues, drivers also said on Wednesday. Used car and truck prices, a main driver of the surge, shot up 37% last year, with the average used vehicle nowto thank for continued price hikes for cars in 2022. Overall consumer inflation soared 7% in 2021, the biggest increase in nearly 40 years, the Labor Department