Inflation is driving up car prices. 6 tips for buying in 2022

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 of semiconductor chip shortages and 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 have inflation to 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 said on Wednesday. Used car and truck prices, a main driver of the surge, shot up 37% last year, with the average used vehicle now costing

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Used car prices continue rising as demand heats up

Buying a new car concept
Photo (c) Theerapan Bhumirat EyeEm – Getty Images

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

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Car Prices Are Expected to Keep Climbing Throughout 2022

  • The cost of both new and used cars is expected to remain higher than average throughout 2022. 
  • The increased prices are attributed to high demand for automotives, paired with inventory constraints. 
  • President Biden said in a speech this week that he is working to alleviate bottlenecks driving up costs. 

Skyrocketing prices for both new and used cars show no sign of slowing, and experts say the higher-than-average costs are expected to continue throughout 2022. 

The cost of cars has climbed globally in recent months in response to heightened demand and inventory constraints, exacerbated by reduced supply of chips that are integral to automobile production. Labor shortages have also impacted the rate at which car manufacturers can produce vehicles, further driving up costs. 

Tyson Jominy, head of data and analytics for J.D. Power, told CNBC that an estimated 89% of car buyers are paying above sticker price

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Many of the adjustments occurring in the automotive market immediately, including tightened credit score markets in a capital-intensive industry and increased authorities involvement are the most recent world challenges. The Autofacts group additionally attracts from the strengths of PwC’s marketing, sales and financial services teams to help different key areas of automotive firms’ functions. Since 1985, our market-examined approach, numerous service choices and dedication to shopper service have made Autofacts a trusted advisor all through the trade.

The VRXSE V-Rod Destroyer is Harley-Davidson’s manufacturing drag racing motorcycle, constructed to run the quarter mile in less than ten seconds. It’s based mostly on the same revolution engine that powers the VRSC line, however the VRXSE uses the Screamin’ Eagle 1,300 cc “stroked” incarnation, featuring a seventy five mm crankshaft, one hundred and five mm Pistons, and fifty eight mm throttle our bodies.

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