Whereas buyer demand for brand spanking new vehicles in 2021 rebounded from the financial uncertainty of 2020, automakers discovered themselves unable to fulfill that demand due to semiconductor chip shortages and provide chain issues.
So what ought to automobile customers count on for 2022? A lot of the identical, sadly.
“Competitors for brand spanking new automobiles will likely be fierce as stock shortages persist in 2022,” says Ivan Drury, Edmunds’ senior supervisor of insights.
Buyers right now should take care of a restricted choice, dealership markups, little to no reductions and a larger sense of urgency to maneuver rapidly on a deal. With this in thoughts, listed below are 5 ways in which automobile shopping for has modified, together with a number of recommendations on the best way to handle it.
Ongoing car scarcity means greater costs
Automobiles that make their approach onto the lot usually tend to be in dearer trims and both marked up in worth or with quite a few dealer-installed equipment that obtain the identical impact. And if that wasn’t sufficient to take care of, you’ll discover that dealerships are a lot much less prone to come down on worth since they know there aren’t many different choices obtainable. It’s a textbook case of provide and demand.
Persons are additionally studying…
Lately, paying MSRP may really be a “whole lot,” comparatively talking.
We advocate casting your internet out farther to extend your choices. Not each dealership is marking up automobiles. In case you see one you want, be ready to maneuver rapidly as a result of it will not be there the subsequent time.
You’re extra prone to order your subsequent automobile
One option to keep away from the markups and vendor add-ons is to order the car. This ensures that you just get precisely the colour and choices that you really want, supplied you’re prepared to attend roughly six to eight weeks.
The fundamental thought is that ordering a car saves the dealership on lot charges and insurance coverage for automobiles parked on- or off-site, and it may well then go the financial savings on to the patron. The “financial savings” today is paying MSRP and never being charged for vendor add-ons or the comfort of getting a car immediately.
The best option to order a car is to make use of an automaker’s web site to construct the car configuration you need after which ship that data to your most well-liked dealership.
Leasing will likely be much less engaging
Edmunds analysts say that leasing is changing into much less widespread for a few causes. As inventories stay low and the vehicles which might be in inventory are typically extra loaded with choices, they’re much less prone to be focused by automakers’ leasing applications as a result of these automobiles usually undergo greater depreciation than their mid- to lower-level trim counterparts.
You may must do some additional planning and analysis earlier than your lease ends to seek out reasonably priced choices, Drury says. You may also take into account shopping for out your lease, as it should probably be a greater deal because the promoting worth for it was calculated years earlier than the market took a flip.
Used automobiles might not provide aid
Many patrons turned to the used marketplace for a greater choice or respite from the upper new automobile costs. However this, in flip, prompted its personal scarcity and record-high costs. Edmunds analysts predict that within the coming yr, the typical used-vehicle worth will surpass $30,000 for the primary time. Costs for 1- to 3-year-old automobiles may also typically method or exceed the worth of what they might value model new.
When you have your coronary heart set on used, take into account a licensed pre-owned car. Though pricier, they arrive with a guaranty, are sometimes in good situation, and will get you a greater rate of interest, Drury says.
Dealerships will likely be extra open to deliveries
Having a car delivered to your private home was one thing of a “secret menu” merchandise in previous years, reserved for VIP shoppers or these within the know. However after the COVID-19 pandemic pressured the shutdown of numerous dealership showrooms, dwelling deliveries and the next paperwork turned nearly a necessity. It would range by location and model, however your probabilities of wrapping up a automobile deal at dwelling are considerably higher than earlier than.
Be certain to ask for a house supply when making a deal on a automobile. Filling out any finance paperwork beforehand will tremendously pace up the method.
Edmunds’ top-rated awards go to the vehicles, vehicles and SUVs that rank on the high of their class. Here is a have a look at 5 of 2022’s top-rated automobiles:
The highest-rated automobiles for 2022
Prime-rated sedan: 2022 Honda Civic
Beginning MSRP (producer’s recommended retail worth): $22,915
Edmunds says: When a compact sedan survives for almost 50 years and continues to redefine its section, you understand it is particular. The Honda Civic is each sporty to drive and comfy inside, with well-padded seats and a easy journey. There’s additionally far more house than you’d count on from a automobile on this class. The Civic sedan has an enormous trunk, and there is ample house within the again seat too.
Counterpoint: Street noise is noticeable at any pace and might be quite intrusive on coarse surfaces.
Prime-rated truck: 2021 Ford F-150
Edmunds says: From tech to towing, the Ford F-150 continues to steer the pack and ship the arrogance that clients count on. Redesigned for 2021, the most recent F-150 fended off all comers, extending its rule as a repeat Edmunds winner. We’re impressed by the F-150’s intelligent options, which embody almost fold-flat entrance seats and a disappearing gear shifter that creates a helpful workspace. There’s additionally an obtainable onboard generator with the flexibility to energy instruments, a tailgate occasion and even your home — a giant leap that left opponents flat-footed. Notably, we’re giving the award to the 2021 mannequin as a result of the 2022 wasn’t obtainable for testing, however no vital modifications are anticipated for 2022.
Counterpoint: Whereas the F-150 rides fairly comfortably, the Ram 1500’s coil-spring rear suspension gives a barely higher journey.
Prime-rated SUV: 2022 Kia Telluride
Edmunds says: As a midsize three-row SUV, the Kia Telluride gives comfy and surprisingly luxurious lodging for seven and even eight passengers. However it’s not so large that it feels clumsy to drive or troublesome to maneuver in tighter confines. And when you have a lighter passenger load, the Telluride’s cabin house simply converts into cargo-friendly transport. There have been a variety of new and thrilling SUVs launched this yr, however the Kia Telluride continues to face above the remainder. It takes dwelling Edmunds’ SUV award for the third yr in a row.
Counterpoint: There are fewer storage bins and cubbies than you will discover in some rival SUVs.
Prime-rated EV: 2021 Tesla Mannequin 3
Edmunds says: Though we have been powerful critics of Tesla when warranted, we all know an ideal automobile after we see it. In truth, we have acknowledged the Tesla Mannequin 3 ‘s greatness three years working — the Mannequin 3 is one other repeat winner as our top-ranked electrical car. Whereas it has persistently didn’t match its EPA vary estimates in Edmunds’ real-world testing, our numbers present that the Mannequin 3 continues to be among the many longest-range EVs in the marketplace. It is also a hoot to drive, pairing fast acceleration with slice-and-dice agility. Throw in the truth that Tesla’s Supercharger community is arguably the perfect within the sport, and it is clear that the Mannequin 3 stays second to none.
Counterpoint: The Mannequin 3’s infotainment software program helps neither Apple CarPlay nor Android Auto.
Editor’s selection: 2022 Rivian R1T
Beginning MSRP: $68,575 (estimated)
Edmunds says: The Rivian R1T is the primary EV truck to hit the mainstream market, and what a debut. The R1T packs a tremendous quantity of on- and off-road efficiency, cutting-edge tech and distinctive fashion right into a bundle that is barely greater than a typical midsize truck. In Edmunds’ testing, the R1T rocketed from zero to 60 mph in 3.5 seconds — that is neck-and-neck with the most recent Chevy Corvette — and turned in the perfect dealing with efficiency of any truck we have ever examined. Furthermore, the R1T can tow as much as 11,000 kilos and boasts a powerful payload capability of 1,760 kilos. You most likely will not want that type of functionality frequently, however you will actually admire the storage supplied by the R1T’s spacious entrance trunk and intelligent gear tunnel beneath the entrance of the mattress.
Counterpoint: The R1T’s touchscreen consumer interface was sluggish to reply in our testing, and the Bluetooth connection often minimize out. There’s an opportunity this may very well be remedied by way of future software program updates.