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Experts recommend waiting at least 6 months to buy a car in case of a microchip shortage crisis around the world to keep up with demand

Columbus, Ohio — If the vehicle is still functional and safe to drive, experts recommend deferring the purchase of a new or used car until the market brakes.

According to Edmans, sales are expected to remain strong, despite the global shortage of microchips continuing to hurt the automotive industry.

Edmonds Automobile and truck shopping forecasts show an increase of 51.6% from the second quarter of 2020 and an increase of 14.8% compared to the first quarter of this year.

Executive Analyst iSeeCars, Karl Brauer said he would postpone the purchase of the car for 6-12 months if possible, but if you are in the car market, be prepared to be flexible.

“Sadly, they all went up,” Brauer said. “Basically, I’m not going to find a cheaper car than it was a year ago, but I can see that it’s up 3-6% instead of 15-25% like trucks and convertibles.”

Price inflation is driven by changing demand in the industry that robs microprocessors.

“When everyone was trapped inside, much demand shifted to personal electronics, laptops, mobile phones and game consoles,” Brauer said. “In the meantime, they don’t trade in their current car, which limits the supply of used cars, because people can’t buy the new car they want.

Dr. Tawfiq Musah has been working for Intel for nearly a decade and specializes in microelectronics design. Musa said the new car isn’t missing one microchip, it’s missing all the advanced technology in the car.

“Safety and other constraints are still in the old process, so the chip is brand new,” says Dr. Musah. “We need sensors. Even for driving assistance, we have sensors and cameras, and we need to bring all the data to the processing equipment.”

Musa said there are certain restrictions on the production of microchips and, for example, inventory cannot be increased.

“It’s a very capital-intensive operation. It costs a lot of money. It takes time to actually start a new factory. A set level of manufacturing (Fab) that actually runs a microprocessor. The facility is set up in the world. “

Musa believes that these facilities are already growing in quantity, but consumers don’t see them “immediately”.

Ivan Drury, Senior Manager of Insights at Edmonds, issued the following statement:

“Dealers typically buy wholesale at a price lower than the price they offer the vehicle. The increase from wholesale to retail is due to shipping costs, financing, sales fees, repairs, and readjustments. , This is common (this can be expensive and profitable depending on the condition of the vehicle if purchased wholesale. The biggest problem now is that the dealer has to guess the retail price. Retail prices are moving at a faster pace than everyone expected.Until recently, when used values ​​were reached, it was much easier to predict both the price and how long the vehicle would stay in the lot. , In today’s market, it’s much more gambling. ”

U.S. Senate building Establish incentives to fund the production of semiconductor manufacturing here in the United States. At least $ 39 billion has been pre-allocated to prevent spikes in demand from causing chip shortages. The House of Representatives has not taken up the bill.

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Microchips boosting prices for new and used cars

Source link Microchips boosting prices for new and used cars