Even in this market, some new vehicles just aren’t selling.
The auto industry has yet to bounce back from the ongoing global semiconductor shortage, with production still constrained across the globe. Prices of cars both new and old have skyrocketed, as a large number of dealers struggle to keep stock on their lots. Despite the pandemic-driven lack of choice on the market right now, not every vehicle is able to attract willing customers. These are the 2022 model year vehicles that dealers can’t move off their lots. So they’re the ones on which you might get a deal.
Our friends at Edmunds provided R&T with sales data for 2022 model year vehicles sold this past February. We excluded the results for 2021 model year vehicles, as they made up just 10 percent of new vehicle sales last month. According to the data set, the average new vehicle sold in 2022 has sat on a dealer lot for just 16.7 days before transacting. That’s one of the fastest rates on record, and one that highlights the insanity taking place at local dealers. Of course embedded in every average, is the low end of the curve. The anomalies. The cars that stick around, almost unwanted…
The Genesis G80 found itself as the champion of the slow-sellers in February, taking an average of 86.4 to leave the dealer lot. That isn’t a shock, as dwindling sedan sales and a lack of brand recognition among buyers actively work against Genesis. That said, the G80 is a fantastic offering and one that should have put other automakers on notice…Especially if you can snag one without paying a pandemic-inflated price.
That last sentence is one of the keys to this article. I can only add from personal experience here on Lot 4…if you’re interested in buying direct from the lot. Ordering a new automobile to spec can be an exercise in futility. My wife has been waiting almost 10 months for a Ford she ordered. With no delivery date in sight. She has more patience than a Red Sox fan.