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What Will the Automotive Market Look Like in 2022?

What Will the Automotive Market Look Like in 2022?

It's been a rocky few years for the auto industry. But the early word from the experts is that, in 2022, things will start looking up.

Pandemic-Era Problems

Certainly, anyone who has tried shopping for a new car in the past years knows just how frustrating the experience has been. Thanks to the pandemic, many auto manufacturers have cut their production short, leading to limited supplies of new vehicles. On top of that, global shipping and material shortages have made it even more challenging for dealerships to maintain a robust inventory.

Because cars have been in such short supply, prices have been ridiculously high. Buyers wary of these high prices have turned to the secondary market; incidentally, the past few months have been ideal for anyone looking to sell used cars.

Better Times to Come?

Thankfully, many auto industry experts say that car sales will turn a corner in 2022. According to Edmunds, one of the top auto industry consulting firms, new vehicle sales are expected to rise by around 1.2 percent in the coming year.

The logic is pretty clear: Cars haven't been selling well simply because they are harder to find, because prices have gone up, and because semiconductor shortages have plagued auto manufacturers. But consumers still want to purchase the latest makes and models. In other words, there's a lot of deferred demand.

Meanwhile, another auto industry consulting firm, KPMG, goes a bit further, saying that supply and demand will reach a state of equilibrium sometime in 2022 or early 2023. In other words, the issues that have clogged the supply chain will clear up, prices will begin leveling off, and consumers who want to get a new car will find it easier to do so.

What This Means for Used Car Sales

As the industry begins course correcting a bit, experts like KPMG predict that used car prices, which have been pretty high, will start to come down.

This is potentially good news for consumers, but it may be unwelcome news for those who have been hoping to sell their used car. The implication is pretty clear: If you've been waiting to sell your vehicle for top dollar, the time to do so is now, when prices are at their peak. In a few months' time, the environment for selling used cars may not be quite as positive.

The question is, where to sell your used car?

Find Out How to Sell a Used Car at BestBid

BestBid makes it extremely easy to sell your used car FAST, and to get the absolute best value. All you have to do is fill out an application and wait a few minutes for a real offer. If you decide to move forward with your sale, you can potentially get payment same day.

This is the time to sell, and BestBid is the best place to do it. Get a FREE offer from BestBid today!

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Disclaimer

Whilst every effort has been made by BestBid to accurately describe this vehicle, its' options and equipment, pricing, mileage, warranties and incentives; it is the customers responsibility to verify the information listed. You agree to hold BestBid harmless for misprints on prices or general information about this vehicle. By using our website you agree that BestBid has the right to cancel a sale or a promise of a sale if that sale is based on an incorrect price.

Pricing does not include government fees and taxes, state and/or local taxes, smog fees, any finance charges, any dealer document preparation charges, emission testing charge, registration or title fees. Depending on the age of the vehicle, normal wear and tear should be anticipated. Prices are subject to change without notice. While we do our best to describe our vehicles accurately, some descriptions and / or images provided by third parties may differ from the actual information or appearance of the vehicle. BestBid assumes no liability for omissions or errors in this vehicle listing and encourages prospective buyers to verify the information by contacting us or viewing the vehicle at our dealership. All finance offers are O.A.C (On Approved Credit) / O.A.D (On Approved Deposit).

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