What should you know about the automotive industry as it stands right now? Well, if you’re an enthusiast or you’re looking for the right time to buy, we’re going to take a closer look at a few of the important aspects of the industry and just what it could mean for you.
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The biggest thing we’re seeing right now is the regulatory push for electric vehicles, which is making a major difference in the industry and leading car manufacturers in an entirely new direction. While hybrid and electric vehicles have been slowly rolling out for years now, the government and regulatory boards have made it clear that they’re looking for vehicle manufacturers to do even more.
This includes new emissions regulations and strict goals for getting as much as half of the total auto sales in the country by 2030. While there are some who are pushing back against this goal, there are many others who are actually clamoring for it to be higher still. EV is certainly coming in strong, and the automotive industry is changing to accommodate it. But there’s still a long time to go before we finally make it to the clean energy world that regulators are hoping to achieve. And in the meantime, there’s more to consider.
The Car Chips Shortage
The shortage started way back in 2020, while the COVID pandemic was going strong and no one really knew what was going to happen. But unfortunately, it looks like that shortage isn’t coming to an end anytime soon. Two years later only a few automotive manufacturers are reporting that they’re fully on board and producing at full capacity. The rest are expecting their shortages to continue well into (or even through) 2023. Some even predict that the shortage could continue beyond that.
For the rest of us, that shortage means that some new cars will be harder to come by and some used cars will continue to see an inflated market because of it. Honda, Ford, GM, and Toyota expect that their chip shortages will continue for some time, and this means traditionally lower priced vehicles may continue to see prices that reflect these shortages. And, unfortunately, we’ll continue to see vehicle supply chain issues as a result.
Is it a Good Time to Buy a Car?
That depends. For some, this is the only time to buy a car because they don’t really have a choice in the matter. For others … it might be a good time to talk with a dealership to find out more about your options. While some vehicles are still seeing those inflated prices, working with a quality dealership will help you to get the best possible deal on a vehicle if you’re in need.
Visit Bruner Auto Family to find out more about what’s in stock, what’s available, and how you can get the vehicle you need at a price that works for you.
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