There's 1 Kind of Car You Should Not Be Buying New Right Now
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If you are trying to buy a new car, you’re probably aware that it’s a seller’s market. Pickup trucks are in particularly high demand, and sale prices have shot up as a result.
Parts shortages, along with some economic uncertainty following the pandemic, have slowed auto production across the world. This has led to a shortage of new cars in American showrooms, and many models are selling for much more than their list price.
If you’re thinking of buying a new truck you might want to hold off.
The most overpriced pickup trucks in 2021
Consumer Reports have compiled a list of the 10 SUVs and trucks that are selling most over their MSRP (Manufacturer Suggested Retail Price). The four pickups on the list are:
- Ram 2500: 17% over MSRP
- Chevrolet Silverado 2500HD: 15% over MSRP
- GMC Sierra 1500: 13% over MSRP
- Ford F-150: 13% over MSRP
If you are in the process of buying a new truck, you’d be advised to avoid these models until inventory can catch up with demand and the price cools off.
They are not alone though, almost every single model of truck has gone up in price since March 2020. Even used vehicle sales are skyrocketing.
Why is there so much demand?
Car manufacturers have been hit with multiple disruptions and delays over the past few months, mostly resulting from a shortage of computer chips required in new vehicles.
Many companies have already increased their prices to offset losses from manufacturing delays. Despite this, demand for new cars is through the roof, and the cost of buying one is soaring.
This is certainly the case for pickup trucks, which are selling faster than ever. The relentless demand is mostly down to the fact that millions of Americans rely on trucks for work. They can’t just wait for the price to drop, or manage with a smaller vehicle.
High-prices are also suited to wealthy drivers who buy big trucks due to the “cool” factor. There was evidence during the pandemic that bored (but rich) Americans were buying more luxury cars than before. And with a few add-ons, a deluxe pickup can cost more than a sports car.
Save on pickup truck insurance with Jerry
The best advice if you want to buy a new truck, is to wait another year until the demand has died down. If you really cannot wait, look for a used pickup and try to negotiate with a private seller.
Jerry is a personal insurance broker that lives in your pocket. But don’t worry about buying tiny office furniture, Jerry is an app. Once you download Jerry, just answer a handful of questions that will take you roughly 45 seconds to complete and you’ll immediately get car insurance quotes for coverage similar to your current plan. Jerry customers save an average of $879 a year. Oh, and we should mention…Jerry is free.