Demand for cars keeps prices high

Some auto dealers say business has never been better

By

National News

November 30, 2021 - 9:42 AM

Carl Black, 67, of Pontiac, Mich., observes a 2021 Buick Envision. (Clarence Tabb, Jr./The Detroit News/TNS)

If Santa needs a new hot rod, it might be a costly Christmas this year as new and used vehicle prices hit record highs.

Car shoppers shouldn’t expect to see the same lot-clearing discounts they normally would before the end of the year. A global microchip shortage has left dealerships bare, forcing some buyers to wait weeks or months for an order that might not make it in time for the holidays. Although automakers will run some familiar campaigns for the rest of 2021, incentives if available at all will apply to fewer vehicles and may still have customers paying more than suggested retail prices.

Carl Black, 67, of Pontiac, Michigan, is glad he still has another year left on his Cadillac XT5 lease after looking at new models this week while his vehicle was being serviced at a dealer: “I wouldn’t want to pay the price now. I got mine at a pretty decent price, so I’d be paying probably $100 to $150 more per month.”

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