The car buying craze is on. According to recent reports, consumers are snapping up new vehicles at pre-pandemic levels, as a massive case of FOMO (fear of missing out) seems to be sweeping the entire commerce landscape.
Auto sales were up 8 percent in Q1, as vaccines continued to circulate and consumer confidence in an eventual return to normal began to tick up, leading to vehicle shortages that have only accelerated the buying binge, according to Bloomberg reports. According to researcher J.D. Power, retail deliveries are forecast to have reached 3.16 million vehicles during Q1, the second-highest total on record.
“There’s a little FOMO going on here, fear of missing out,” said Jeff Schuster, president of the Americas and global vehicle forecasting at researcher LMC Automotive. “Consumers have sacrificed on choice because the color combination or option combination they wanted wasn’t available,