If you are in the market for a new or used car, chances are you are not going to find what you want. And if you do, you are going to pay a lot more for it. Dealerships throughout the country, including Southern California, are reporting supply shortages.
- New car supply is down 61% from a year ago, according to Cox Automotive. The ongoing computer chip shortage is preventing manufacturers from being able to build enough cars to meet demand.
- The average transaction price for a new vehicle right now is more than $41,000 — a 5.5% increase compared with prices heading into the pandemic last spring.
- The average list price for a used vehicle with 67,000 miles on the odometer is $24,500 right now compared with $19,500 a year ago.
- The most popular models with the least supply are the Toyota Corolla, Toyota RAV4, Toyota Tacoma 4WD, Subaru Forester and Ford Bronco Sport.
- Alfa Romeo, Fiat, Genesis, Infiniti and Mitsubishi have more supply than the national average.