(WFSB) - The end of the calendar year is typically one of the best times to find a deal on a new car, when dealerships are eager to sell leftover inventory to make room for the next year’s models.
This year the market is looking much different.
It is a tough market if you want to buy a new vehicle.
Jessica Caldwell with Edmunds says a new survey shows nearly 40% of car shoppers have encountered issues because of a shortage of new vehicle inventory.
“If you happen to see something you like whether its new or used. Act quickly," she said.
Thirty-three percent of car shoppers said that the lack of inventory has affected their timeline to buy a new vehicle.
It's driving up their budget too.
“Because there is such a shortage of vehicles, a lot are selling at MSRP. Popular sought-after vehicles are selling at or above MSRP," she said.
The data also shows one in 12 new vehicles sold the same day that they hit the dealer lot, nearly half of all new vehicles sold within the first week, and almost two thirds of all new vehicles sold within the first two weeks.
So, if you’re looking, be patient and flexible.
“If you’re setting your search radius for 10 miles, push it out for 20 or 50, you may have to drive further… You’re likely not going to find the ideal car so what are those options and features that you can’t negotiate on," she said.
For many people, vehicle size or certain safety features are non-negotiables, but if you’re willing to look at different brands, models, or colors, you may have better luck.
Be prepared, because this market is expected to be a long road.
“We are looking at a much longer time horizon… Everywhere you are looking right now is quite limited in inventory," she said.