Most automakers could not build as many vehicles as planned because of a lack of semiconductor chips, which are essential components of a modern vehicle. New vehicle inventory is a third of where it would normally be at this time of year. As a result, car shoppers on Labor Day weekend will face higher prices and a limited selection whether they are shopping for new or used.
“Inventory won’t likely be back to normal levels until next year — if they ever do at all,” said Jessica Caldwell, executive director at Edmunds.
“It seems as if automakers are rethinking their production and inventory strategies given they have sold fewer vehicles but at higher prices, so inventory may look different in the near future.”
Average transaction prices continue to be at record highs. In June, the average transaction price for a new vehicle was $42,331, an increase of 8.6% from last year.
“The lack of new car inventory has created a lot of pressure on the used market as consumers are seeking out less expensive options,” Caldwell said. As a result, the average used transaction price in June was $26,457, up 27% from a year ago.
It’s a tough time to buy a car. But the good news is that we’ve combed through the latest transaction data to find five new vehicles with a combination of high discounts and above-average inventory to make your search easier. We’ve organized them in order of percentage off the manufacturer’s suggested retail price.
Continue reading your story on the app
Continue reading your story in the magazine
AMAZON TO ALLOW EMPLOYEES TO WORK REMOTELY INDEFINITELY
Amazon said it will allow many tech and corporate workers to continue working remotely indefinitely, as long as they can commute to the office when necessary.
DELTA POSTS $1.2 BILLION Q3 PROFIT, TOUTS HOLIDAY BOOKINGS
Delta Air Lines posted a $1.2 billion profit for the third quarter, helped by the latest installment of federal pandemic aid for the airline industry, but warned that rising fuel prices will lead to a “modest” loss in the fourth quarter.
The iPhone 13’s leaps forward for photo & video
OFFSHORE WIND SUPPLY CHAIN WORTH $109B OVER 10 YEARS
A group studying the economics of offshore wind energy in the U.S. says building and operating the nascent industry will be worth $109 billion to businesses in its supply chain over the next 10 years.
BIG PICTURE, BIG DATA: SWISS UNVEIL VR SOFTWARE OF UNIVERSE
The final frontier has rarely seemed closer than this — at least virtually.
CALIFORNIA EXTENDS TAX ON PHONES TO FUND HIGH-SPEED INTERNET
Californians could have higher cellphone bills after Gov. Gavin Newsom signed two laws aimed at giving the state more money to build high-speed internet connections in unserved areas.
FACEBOOK UNVEILS NEW CONTROLS FOR KIDS USING ITS PLATFORMS
Facebook, in the aftermath of damning testimony that its platforms harm children, will be introducing several features including prompting teens to take a break using its photo-sharing app Instagram, and “nudging” teens if they are repeatedly looking at the same content that’s not conducive to their well-being.
WHITE HOUSE PROPOSES TECH ‘BILL OF RIGHTS' TO LIMIT AI HARMS
Top science advisers to President Joe Biden are calling for a new “bill of rights” to guard against powerful new artificial intelligence technology.
GM REACHES DEAL WITH LG TO PAY FOR BOLT BATTERY RECALL COSTS
LG Electronics has reached a deal with General Motors to pay $1.9 billion to $2 billion to reimburse the automaker for the cost of recalling Chevrolet Bolt electric vehicles due to the risk of battery fires.
YOUR MONEY: SAVE FOR HOLIDAYS NOW, SKIP REGRET LATER
Factoring holiday expenses into your budget all year long is effective for avoiding debt, but it’s not always feasible with a limited budget or unforeseen expenses.