New car inventories remain tight, prices remain high regardless of the status of the pandemic

The market to purchase new or used vehicles continues to be tight. This has led to higher prices and consumers combing through listings that appear too good to be true. KRPS’s Fred Fletcher-Fierro has more.

Photo by Pixabay on Pexels.com

According to a June report from vehicle analyst company, Cox Automotive lowered its forecast for purchases of new cars in 2022 from 15.3 million to 14.4 million.

The report said that at current sales rates, new-vehicle sales volumes in 2022 will finish below the pandemic year of 2020, as inventory has become the industry’s long-haul problem. The decrease in supply has led to sharp increases in prices for new and used cars.

Don O’Brien with the Better Business Bureau of southwest Missouri says to second guess Facebook Marketplace and Craigslist listings. “So the one thing you need to look out for Fred, first to make sure that those prices you talk about that are cheaper, aren’t too good to be true. What we see a lot of times is that people will go online. You can believe the number of reports that we’d get, not only for just a regular car or truck, but people go on there to look for tractors.”

Domestic car manufacturers have seen the most significant improvement in new car inventory, but overall, stocks remain tight.

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