Many Harrisburg vehicle owners have been curious about why there’s a new car inventory shortage. When COVID-19 was in its initial stages, a steep downturn in new vehicle sales combined with factories closing globally eventually led to the car inventory shortage we’re experiencing currently. With the economy on the rebound, things are looking up. However, the automotive chip shortage is still causing issues within the industry.
A car chip shortage led to a lack of new and pre-owned cars. Not only is there a dwindling inventory – but the options that are available have all experienced a price increase. This increase has had a drastic impact on new and used models. In the section below, you’ll learn about the reason Newville drivers have dealt with the shortage and an outlook for the new car inventory shortage and the car ship shortage.
The automotive chip shortage happened because of COVID-19 and began affecting the industry in 2020. However, this isn’t just limited to vehicle chips, but cell phones, computers, toys, and anything electronic that requires a chip to function. Because of the automotive chip shortage, many factories scaled back or completely eliminated chip production in the early stages of 2020. Even though the business has slowly begun to pick back up, the auto factories still haven’t returned to their normal production levels.
The demand for brand-new cars, trucks, SUVs, phones, computers, and more, all outweigh the number of available microchips. Manufacturers were unable to keep producing large numbers of items that needed these chips. In addition, the conflict in Ukraine has a marked effect, considering the Ukrainians and Russians are the two biggest producers of neon and palladium, two materials mandatory for creating semiconductor microchips.
Experts are predicting that the car chip shortage and new car inventory shortage might be over sometime around late 2024. The cost of vehicles is likely to continue rising with no end in sight. If you’re looking to upgrade the vehicles you use for your Newville or Dillsburg, there’s no better time than now. Freysinger Hyundai has a full inventory of new, used, and certified pre-owned options. Have something to offer on trade? Use our tool to estimate the value of any trade-in scenario, then get pre-approved for a low-interest loan!
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