This week, a Cox Automotive analysis showed that new car prices are continuing to rise while new inventory is staying low due to ongoing supply chain issues. For April, Cox Automotive said the average cost of a new car was $45,171, and new car inventory was 1.13 million.
Non-luxury inventory was at 955,293, and luxury car inventory was at 168,872. Days-supply was estimated to be 36 at the end of April, a 40% drop year-over-year.
Cox Automotive’s Charlie Chesbrough indicated that the semiconductor chip shortage “started disrupting vehicle production a year ago at this time” and has continued to impact the industry. He added that while the shortages have not improved much, “percentage differences for inventory and days’ supply will look less dramatic going forward from here.”
Meanwhile, average prices of new cars remain high, with Cox Automotive reporting they are approximately 12% higher year-over-year. The average price of a luxury vehicle was $65,179 at the end of April, while non-luxury vehicle prices averaged $45,171.
Chesbrough said prices are expected to stay elevated if the inventory crunch does not improve.
This week’s report also stated that fuel-efficient cars and hybrids were the most in-demand vehicles and had the least inventory, likely “due to high demand caused by rising gas prices and disrupted production of those models.” Brands with the highest demand and lowest inventory included Kia, Honda, Toyota Subaru, Porsche, Land Rover, and Lexus.
Did you enjoy this article from Kimberly Hurley? Read other articles on CBT News here Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at email@example.com.