Why are New Car Prices Rising?
Walker Chevrolet is Pulling Back the Curtain to Help You Understand what is Happening with the New Car Market
If you’ve been shopping for a new car recently, chances are you’ve noticed higher prices than you might expect, fewer finance deals, and even fewer discounts than you’ve enjoyed previously. The truth is, we at Walker Chevrolet are having to adapt to an increasingly stressed market for new vehicles, and that squeeze has had knock-on effects that you’re seeing as you try to shop for your next vehicle.
New Cars are in Short Supply
With a difficulty in finding both raw materials and computer chips to run the modern components in our new vehicles, simply getting new cars, trucks, and SUVs off of the assembly line and ready for transport has been more difficult than ever before. The limited selection means that most new vehicles arriving at dealerships are already purchased or will be within a short time and that pinched supply means less need for incentives.
An Inflated Used Car Market
A shortage of new vehicles has also meant increasing values for used inventory, as dealers nationwide work to have anything available for sale on their lots. That means we’re buying used vehicles for higher prices in order to remain competitive, but that also means we have to sell them for more. This economic shift also has an impact on the new car market, which will adjust sale prices nationally based on trends in the used car market.
Our Commitment to You
At the end of the day, the team here at Walker Chevrolet is all about serving our community with the best possible pricing and selection of vehicles, while keeping our team employed and secure through this difficult period. Current market constraints mean higher than normal prices across the board but rest assured, we are committed to trying to get you the best possible deal on everything we have available.