10 In-Demand Cars To Buy Before They Sell Out Due to Low Supply
The worst of the inventory shortages that have plagued car buyers in recent years may be over. That doesn't mean that certain makes and models aren't still in short supply.
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Global shortages over the first few years of the decade have been driven by everything from the pandemic to economic downturns to earthquakes to a dearth of parts -- particularly semiconductor chips. Overall numbers are bouncing back though, Autotrader senior editor Brian Moody noted.
"It's to the point where we can say about new cars that there's no longer a lack of inventory," Moody said.
He points to figures recently released by Cox Automotive, which show significant changes in "days' supply" numbers -- used in the automotive industry to describe how many days a seller could meet demand if no additional vehicles were available. A days' supply of 60 has historically been considered a strong inventory.
Days of supply for new vehicles hit 53 at the end of April, a two-year high and a 47% increase year over year. Days of supply for used cars was hovering around 41 -- also a significant year-over-year increase.
"A year, year and a half ago, the number for used cars was double the number for used cars," Moody said.
What types of vehicles are hottest? Trucks, SUVs and minivans have seen an increase in demand, but sales of new luxury cars surged to 19.5% of the market in February, a record. The figure for April was just over 18%, still very high historically.
Brands like Chrysler, Ford, Nissan, Toyota and Volkswagen showed a slight decrease in average transactions price month over month, from March to April. That points to a higher inventory. For other brands, lower inventory remains an issue.
"Kias and Hondas, on the other hand, have been going for 3% to 4% over MSRP (manufacturer's suggested retail price)," Moody said. "You are either deciding 'no, I don't want that car' or 'I'll pay 2% more for it.'"
You can throw Toyotas into that mix as well. The Japanese automaker's overall days' supply number is just 19 this month, CarEdge.com reported.
Discontinuations are also a factor, with several lines coming to an end in the coming months. They include the venerable Chevy Camaro, the last of which (gas-powered version, at least) will roll off the assembly line next January.
Deals on this and other cars in low supply will be hard to come by for a while longer yet.
"You're not going to get a deal on a car there aren't many of," Moody said.
Here are a few of the vehicles that are harder to come by these days -- and likely going for over MSRP for that reason.
Also see how you can avoid buying a new car by keeping yours running.
Honda Civic
Honda's popular compact topped Cox Automotive's most recent low-inventory list. The Civic has a days' supply of just 18 this month, CarEdge.com reported.
The Japanese automaker has been hit hard by chip shortages, and factory orders are reportedly taking up to six months to fill.
Honda CR-V
Days' supply for the CR-V -- a compact crossover SUV -- is hovering in the low 20s this spring, according to multiple reports. CR-Vs had the third lowest inventory in April, per Cox Automotive.
Kia Forte
Once considered to be more of a bargain brand, Kia is seeing higher mark-ups with demand up and supply down. The company's overall days' supply number this month is just 9, according to CarEdge.com.
The South Korean automaker's compact offering had the third-lowest inventory in April's Cox Automotive report. Another popular Kia model -- the midsize crossover SUV Telluride -- also has been frustratingly hard to find for many.
Toyota Corolla
Few if any automakers have struggled with inventory as much as Toyota in recent years. Supply chain disruptions, parts shortages and high demand are the main culprits.
The compact Corolla came in at 22.8 days in the Cox study.
Toyota Highlander
The Highlander -- a three-row, midsize, crossover SUV -- had a days' supply number of 24.4 in April.
Toyota RAV4
New models of Toyota's popular compact crossover SUV also clocked in at 24.4 days in April.
Toyota Tundra
Trucks such as Toyota's full-size pickup Tundra haven't been immune to global supply woes. One of many Toyota vehicles under 30 days, Tundras would run out in about 25 days if current demand continued and no replacements arrived.
Toyota Camry
The midsize Camry's days' supply number also came in around 25 in Cox Automotive's most recent numbers.
Toyota Tacoma
Like the Tundra, the Tacoma is a pickup in high demand in the US. Also like the Tundra, the Tacoma has a days' supply number of about 25.
Honda CR-V Hybrid
Demand for hybrid and electric vehicles continues to outpace inventory. These CR-Vs with hybrid powertrains had about a 25 days' supply available this spring.
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This article originally appeared on GOBankingRates.com: 10 In-Demand Cars To Buy Before They Sell Out Due to Low Supply
