Report: Half of new-car buyers planning to wait out semiconductor chip shortage
A Kelley Blue Book survey suggests consumers are willing to sit on their wallets, pay more, or travel to buy new vehicles
The global semiconductor chip shortage has already wreaked havoc on vehicle production, and now it looks to move – well, move further – into wrecking new-car sales.
According to a report from Kelly Blue Book, 48 per cent of car buyers currently in market are likely to wait for the semiconductor shortage to subside before making a purchase.
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Of those included in the research and willing to postpone, 12 per cent are prepared to wait one or two extra months, while 40 per cent are likely to wait three to six months; another 40 per cent would stay put for seven months or longer.
“The latest Kelley Blue Book research indicates that most consumers anticipate negative impacts on the automotive market due to the chip shortage, from increased prices to inventory shortages and longer delivery times,” Kelley Blue book senior industry intelligence manager Vanessa Ton said.
The semiconductor chip shortage has thrown the entire automotive industry into disarray, with production slowed, deliveries pushed, and launches delayed. It was only a matter of time before consumer behaviour was affected.
The Kelley Blue Book research also shows consumers willing to pay up to 13 per cent higher prices to land the vehicle of their choice, with the majority claiming they would also travel between 80 and upwards of 300 kilometres to get a new vehicle.
“With a large portion of the in-market population now saying they plan to delay their purchase given the current market conditions, it will be interesting to see how that could impact the ongoing delicate balance of supply, demand and pricing across the industry,” Ton added. “Long term, OEMs are likely experimenting with made-to-order deliveries for consumers.”