The shortage of new cars that began in 2020 is likely to continue through at least the first half of 2022, automotive experts say. The means higher prices and longer wait times.
“The typical dealership experience that consumers are familiar with – walking dealer lots with rows and rows of cars, negotiating over price and getting many incentives – is not likely to return this year because there are 4.5 million to 5 million consumers on the sidelines waiting for cars,” Tyson Jominy, head of data and analytics for J.D. Power, told CNBC.
Cox Automotive concurs. It found that sales were mostly flat last year, most likely because dealers couldn’t get enough cars to satisfy demand. Sales improved slightly toward the end of December, but it wasn’t enough to move the needle.
“Still, in 2021, sales results are not necessarily the