The Great Vehicle Shortage of 2021 continues. New vehicles are in short supply, due to a chip shortage. Used vehicles are even scarcer because people are holding on to them. In many cases, they cannot purchase the new car or truck they want, so they keep what they have. Both new and used car prices are increasing at astronomical rates. The average price of a used car has passed $25,000 for the first time ever. This represents a 26% increase from just one year ago!
This is great news if you have an extra vehicle sitting in the driveway that you’d like to sell. Not so great news if you need to buy a car or truck. The shortage of available vehicles, both new and used, has drastically affected supply on dealer lots.
I took these photos this morning. Smith Ford, our local Ford dealership, has been in business for over 100 years. Normally, this lot is packed to where they have to use the space behind the showroom for overflow. Not this year!