Are car sales going down in 2022?

The Retail Sales Forecast New-vehicle retail sales for May 2022 are expected to decline when compared with May 2021, according to a joint forecast from J.D. Power and LMC Automotive.

Are cars still in low supply?

What’s the Status Today? According to a December 2021 report from analytics firm IHS Markit, U.S. inventory levels are at their lowest levels since the global financial crisis of the late 2000s, but the needle is moving in the right direction for vehicle production.

Why are there car shortages?

If you’re wondering why new & used cars are so hard to find, you’re not alone. The inventory shortage can be attributed to the coronavirus pandemic and resulting supply chain disruptions. When COVID-19 brought the economy to a halt back in 2020, automakers canceled orders for semiconductor chips.

Did car sales Drop 2021?

With few new cars on lots, U.S. auto sales likely fell sharply in the first quarter, analysts say. U.S. new-vehicle sales from January through March were likely below 3.3 million, down over 14% from the first quarter of 2021, industry analysts say.

What is the best day of the week to buy a used car?

Did you know that Monday is the best day to buy a car? And Tuesday is a good day to shop too. While weekends are often packed with car shoppers, you’ll find better deals on Monday and Tuesdays when showrooms are quiet and sales people have more time to negotiate and dedicate to getting your business.

Why are car prices so high right now?

Tens of thousands of dollars over the sticker is something of an outlier, but across the country, people on the hunt for a new vehicle are being met with significant dealer markups, thanks to supply shortages and high consumer demand.

Is now a good time to buy a used car UK 2022?

Market experts say used car prices may have peaked. The used car market grew by 5.1 per cent in the first quarter of 2022 compared to Q1 2021, with 1,774,351 cars changing hands in the UK, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).