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New car shortage to last through holiday season

'Right now, we have about 10 cars available,' says general manager Josh Stewart
car dealership shortage pic.png
Posted at 7:03 PM, Nov 12, 2021
and last updated 2021-11-12 19:15:45-05

LAKE PARK, Fla. — If a new car is on your holiday wish list, you may want to start shopping now.  Car dealerships are still reporting a steep shortage in supply. 

Earl Stewart Toyota in Lake Park usually has about 400 cars on their lot at any given time, but right now supply is sparse. 

“Right now, we have about 10 cars available,” said Josh Stewart, general manager of Earl Stewart Toyota. 

Stewart said the microchip shortage is still driving the low volume of inventory, so buyers are likely to see a steeper price tag at car dealerships nationwide. 

“New car prices are up over 20% over the same time compared to last year,” Stewart said.  “Definitely be careful out there. There's a lot of potential big markups out there that you might want to try to avoid.”

Financial experts encourage buyers to be prepared before sitting down at the negotiating table.

“You have to know your comparables,” said Andres Lares, managing partner at Shapiro Negotiations.  “What has that car sold for in your area over the last couple of weeks?  That can really help you guide what kind of offer you're going to make.”

Car dealers are also offering top dollar for trade-in vehicles.

“The silver lining is that your trade-in is worth more than it’s been in a long, long time,” Stewart said.