It’s no secret that there is a current vehicle shortage. It seems like every time you turn around, there’s another article about the dwindling supply of cars and trucks. So what does this mean for shoppers?
Which vehicles are most available, and which ones should you avoid if you don’t want to be waiting months for delivery?
Let’s take a look at why this vehicle shortage exists in the first place and how to navigate it from here.
It is also important to consider how additional costs will factor into your car purchasing difficulty. For example, could you afford Ford F-150 insurance after you finally receive your Ford F-150?
The Vehicle Shortage: Why is it here? Where is it going?
The current vehicle shortage is being caused by a variety of factors.
- The COVID-19 pandemic forced many factories to shut down for a period of time.
- The “chipocalypse,” in which a global semiconductor shortage has made it difficult for factories to produce vehicles with all of the required electronic components.
- There is also a rise in used car prices (supply vs. demand) which has made new cars more attractive to buyers. Of course, if you know how to sell your car in the market, you could get a great price for it.
With all of these factors at play, it’s no wonder there is a vehicle shortage. So where is this shortage going? Unfortunately, it doesn’t seem to be going anywhere anytime soon.
Ford recently announced that they are suspending production at some of its North American plants due to the semiconductor shortage.
It is expected that other automakers will follow suit in the coming weeks.
This is all very discouraging news for car shoppers. However, there are still some vehicles available if you know where to look.
The Best and Worst Vehicles to Buy Right Now
Now that we’ve taken a look at the reasons behind the vehicle shortage, let’s talk about which vehicles you should buy and which ones you should avoid.
Trucks and SUVs
If you’re looking for a vehicle with little to no wait time, your best bet is to look for Ford trucks and SUVs.
The Ford F-150 has been the best-selling vehicle in America for decades, so there’s no surprise that it’s readily available.
The Ford Bronco, on the other hand, is a new addition to Ford’s lineup and has been in high demand since it was announced.
However, due to production delays, it may be difficult to find one of these vehicles on dealer lots.
Another good option if you’re looking for a quick turnaround is the Chevrolet Silverado. Chevrolet has been able to ramp up production of this vehicle, so there are plenty of them available.
The Ford Explorer is also a good choice if you’re looking for an SUV, as Ford has increased production of this model as well.
If you’re looking for a luxury vehicle, your best bet is the Tesla Model S. Despite being a luxury vehicle, the Model S is one of the most readily available vehicles on the market.
According to InsideDevsthis is likely due to the fact that Tesla produces all of its vehicles in-house, so they’re not as affected by the semiconductor shortage as other manufacturers.
They also have the luxury of being able to “adapt parts and even switch to newly available parts,” most OEMs don’t have that same luxury because they rely on external sources to get those in-demand parts.
Seeking a compact car may prove difficult this year as models such as the Honda Civic, Toyota Corolla, and Ford Focus are all facing tight supplies.
While any one of these cars would normally be a great choice for drivers looking for a smaller vehicle, the current market conditions may mean that finding one will be a challenge.
Those who are interested in purchasing a compact car would be wise to start their search early and be prepared to act quickly once they find a suitable model.
With the high demand for these cars, it’s likely that they will sell quickly once they become available.
As such, drivers who are interested in compact cars should not delay their search if they hope to find the perfect vehicle.
Other Expenses to Consider
When it comes to buying a new car, most people focus on the sticker price.
However, there are a number of other costs that need to be considered as well, otherwise, you could be making a mistake that could get you into debt.
- Car Insurance Rates: Consider how the make and model of the vehicle compare to insurance premiums. For example, Ford F-150 insurance will likely be more expensive than insurance for a Honda Civic. This is because the Ford F-150 is a larger and more powerful vehicle, so it’s more expensive to insure.
- Cost of Gas: You also need to consider the cost of gas. If you’re looking for a vehicle with good gas mileage, your best bet is to look for a hybrid or electric vehicle.
- Cost of Maintenance: You need to consider the cost of maintenance. Some vehicles, like the Toyota Corolla, are known for being very reliable and requiring little maintenance. Other vehicles, like the Ford Focus, may require more frequent repairs.
Even if you’re planning to buy a used car, it’s important to factor these costs into your budget.
By taking the time to consider all of the associated expenses, you can be sure to find the right vehicle for your needs and your budget.
Whether you like it or not, these other expenses will be along for the ride in your new vehicle.
The Bottom Line of This Shortage
If you’re in the market for a new vehicle, it’s important to keep in mind the current vehicle shortage.
Ford trucks and SUVs are your best bet if you’re looking for a quick turnaround, but compact cars may be difficult to come by.
Luxury vehicles like the Tesla Model S are also readily available, but they may be more expensive to insure.
So make sure you do your research before you commit to buying a new vehicle.
Luke Williams writes and researches for the car insurance comparison site, QuoteInspector.com. His passions include insurance, cars, and the economy.