New Vehicles Still Sparse, Listing Prices Soar
May 23, 2022—Well over a year into the semiconductor chip shortage, automakers are still struggling to keep new vehicles on the lot while prices for those vehicles soar for consumers.
According to data from Cox Automotive, the amount of available new vehicles nationwide was right around 1.13 million in the month of April, which is still significantly below the historic average of around 3.3 million. The average price of a new vehicle also crept back over $45,000.
“The chip shortage started disrupting vehicle production a year ago at this time. The percentage differences for inventory and days’ supply will look less dramatic going forward from here, but that does not mean the situation has vastly improved,” Cox Automotive Senior Economist Charlie Chesbrough said. “New vehicle inventory remains stuck in that 1 million to 1.1 million range, far below historical norms.”
Available supply of vehicles was also down 40 percent in April from the same time last year.