giving

Car buyers are giving up as chip shortage dwindles new car inventories further

Car dealership

The days of cars stocked in the back are no longer.


Ken Biddulph/EyeEm/Getty Images

It’s no secret the new car buying process is currently a challenge. With no end in sight to the semiconductor chip shortage, new car inventories remain thin and average prices inch up from¬†the $40,000 mark. Now, new data shows car buyers are starting to simply throw in the towel on the process. According to Kelley Blue Book and Cox Automotive data from Tuesday, nearly half of new car shoppers are walking away.

Instead, they’re prepared to postpone their new car search for months in hopes the chip shortage will ease and supplies help find an equilibrium once again. “The latest KBB research indicates that most consumers anticipate negative impacts on the automotive market due to the chip shortage, from increased prices to inventory shortages and longer delivery times,” said Vanessa Ton, senior industry

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