GREENSBORO, N.C. — Empty car lots became a common sight during the pandemic, when supply could not keep up with demand.
Lots are now filling back up with inventory improving for many dealers.
DEMAND FOR NEW CARS
Part of this is because demand has cooled due to things like inflation, higher interest rates, and a spike in fuel prices.
With demand slowing, most new car buyers are now paying less than sticker price.
Even with improving demand, it's not the best time to buy a new car.
Careful research is still needed to avoid paying thousands over the manufacturer's suggested retail price.
SOME SHORTAGES REMAIN
Shortages still remain but they are not uniform across all lots.
Domestic manufacturers tend to have better availability than imports on new-car lots.
Anything that has been hotly anticipated, like the Ford Bronco or the Ford F-150 Lightning is going to be more difficult and more expensive to find.
There’s still strong interest in sedans, too. Models like the Toyota Camry and Hyundai Elantra have single-digit days’ supply as consumers look for affordable, fuel-efficient options.
NEW CAR SHOPPER ADVICE
- Prearrange financing. Figure out your budget and get financing based on what you can afford to pay monthly and as a down payment.
- Don’t borrow too much. If you’re paying close to 20 percent over MSRP for a Kia Telluride today, for example, consider what it will be worth when you trade it in.
- See what’s available. If you’re shopping for a new car, dealers near you may not have exactly what you’re looking for. Instead of going to the dealership to see what it has, look on its website or call first.
- Expand your geographic search. If dealers where you live don’t have the car you want, try sellers outside your area.