While a lot of consumers would normally take advantage of Memorial Day weekend deals to purchase vehicles, they might have to put a little extra effort into finding the car they want this time around.
Approximately 40% of car shoppers have had challenges finding the vehicles they intend to buy due to low inventory, according to Cars.com’s Memorial Day car-buying survey. Cars.com, leading digital automotive marketplace and solutions provider, instead recommended that consumers shift their gears to selling their used vehicles.
“Memorial Day weekend is traditionally a very active car-shopping holiday with significant discounts offered across the industry, but the global chip shortage and huge consumer demand continues to impact both new and used dealer inventory,” Kelsey Mays, Cars.com’s assistant managing editor, told Cars.com. “A few attractive deals still exist this holiday among the more than 2 million cars for sale on Cars.com, but now is a prime time for consumers with a little-used extra vehicle sitting in their garage to cash in, as most dealers are relying on trade-ins to maintain their stock.”
Since January, used-car list prices have increased 14%, according to Cars.com.
The survey also revealed that more than half of consumers said they were willing to pay more on Memorial Day weekend to find the car they wanted.
Most shoppers (61%) are looking at purchasing new vehicles, while 24% plan to buy used, 8% want certified pre-owned and 8% are undecided.
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