The average price paid for a new non-luxury vehicle in December 2021 was $43,072, slightly down from the record high set in November but still $900+ over sticker.
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New-vehicle inventory levels are still 63% lower than a year ago while the average transaction price hit another record.
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But days’ supply climbed to 43 in September, the highest it has been in months, on higher inventory and slower sales.
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Double whammy: New-vehicle inventory falls below 1 million units in September while the average new vehicle price tops $45,000 for the first time.
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After edging higher for a couple of months, available supply dipped by the end of August.
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Tight vehicle inventory continues to vex the auto industry while high prices deter buyers.
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Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
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A recent quarterly report from Haig Partners shows that buy-sell activity among auto dealerships has exploded, leading to "empty lots and overstuffed wallets."
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As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
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The current low-supply, high-demand situation means finding and buying a new vehicle may be a challenge.
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