Drivers can avoid ‘significant delays’ with the best affordable cars
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Supply-chain shortages and lockdowns may have severely impacted the production of new cars over the past couple of years, but the tide appears to be turning after analysis found that dealers on the platform have over 3,700 new, unregistered cars in stock, with the vehicles being ready and waiting for customers for delivery well before Christmas. This bucks the trend of recent years, which has seen buyers often having to wait many months, or even years in some cases, for new cars. Research from carwow earlier in the year found that 60 percent of buyers had experienced long lead times when ordering a new car.
Just over half (53 percent) said they would consider a car from a different manufacturer, with a further 29 percent saying they would buy a second-hand car to avoid delays.
The most recent research from carwow indicates excellent supply of many models, with the Ford EcoSport SUV the most popular car for dealers to have in stock, with just under 300 examples available now.
Buyers after an EcoSport could also take advantage of an interest-free finance offer from Ford, with a two-year personal contract purchase (PCP) deal bringing with it zero percent APR until December 31, 2022.
There’s also excellent supply of the Volkswagen Golf with a similar number in stock with dealers across the country, while almost 200 Nissan Qashqais are waiting to find new homes.
Other models with good supply at dealers with whom carwow has relationships include the Volkswagen Polo and Tiguan, the SEAT Arona and the Skoda Karoq.
It’s not just sensible, affordable SUVs and hatchbacks that are in good supply: current dealer stock includes a healthy number of Audi TT sports cars, as well as premium SUVs like the BMW X5 and Volvo XC90.
Anyone interested in an XC90 who is able to put down a 50 percebt deposit before 31 December will also be able to take advantage of a zero percent APR deal from Volvo, beating interest-rate rises that have seen PCP APR rates top 11 percent in some instances.
Dealers using carwow’s platform even have good stock of some in-demand electric SUVs, with multiple Skoda Enyaqs ready for purchase, and decent stock of the eye-catching Hyundai Ioniq 5.
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Commenting on the news that dealers have thousands of models ready for immediate delivery, carwow’s consumer editor, Hugo Griffiths said: “The car industry has battled significant headwinds over recent years, but news that there is excellent supply of some new models is encouraging.
“The fact manufacturers are still able to offer interest-free PCP deals is also impressive; given the Bank of England recently increased the base rate of interest to three percent, buyers can effectively beat the market if they’re able to take advantage of these.
“For people wanting to avoid long lead times for a new car, taking a flexible approach is key. We’re still seeing significant delays from some manufacturers, but there’s an excellent range of new vehicles ready and available now, meaning there should be little hardship in pivoting towards in-stock models.”
Drivers wanting to make the switch to electric will be waiting for an average of eight months before they can get the keys to their new car, according to new data. Customers looking to place an order in October will have to wait an average of 35 weeks for their new car.
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This is a slight increase of 3.1 percent (from 34 weeks) since the same time in August. The cars facing the most dramatic increases include big sellers from Kia and Vauxhall, according to Electrifying.com. The Kia Niro EV now has an average wait of nine months for delivery, up from four and a half months in August.
Both the Vauxhall Corsa-e and Mokka-e waiting times have risen dramatically too, from an average of three and a half months in August to 10 months in October. At the more luxurious end of the market, consumers could be waiting for up to 18 months for a Porsche Taycan.
Buyers looking to skip the queue can expect to pay for the privilege, with dealers adding substantial premiums to the manufacturer’s list price for cars which are in stock. For example, some dealers are advertising Kia EV6s with price mark-ups of £7,000 or more.
New data from AutoTrader has also found that used car prices remain stable, with the average used car now costing £17,863. This is an increase of around £300 since October. The stability in prices is due to the ongoing demand and supply dynamics in the market.
Highlighting the stability of used car prices, despite the current economic backdrop, Auto Trader’s data, which is based on daily pricing analysis of 900,000 vehicles across the market, shows that on a month-on-month (MoM) basis, prices have been neutral or risen for five consecutive months.
Although consumer demand is softening against last year’s record highs, levels remain comparatively robust, which coupled with the ongoing squeeze in both new and used car supply, is keeping prices buoyant. In addition, there are no imminent signs of significantly higher levels of supply coming into the market to upset those dynamics in the near term.
More broadly, cars are, for the vast majority of motorists, a fundamental need as opposed to a discretionary luxury. This was highlighted in a separate Auto Trader study which found that more than three-quarters of the 2,002 car buyers surveyed, needed a car to get around, which is up from 71 percent in pre-pandemic February 2020.
Auto Trader’s Data and Insights Director, Richard Walker, commented: “The exceptional market dynamics we’ve seen over the course of the pandemic has shifted average prices up dramatically – around 47 percent on 2019 levels. But whilst we continue to hear reference to a figurative cliff edge, or prices set to collapse, we still see no evidence of it.
“Based on what we’re tracking across the whole retail market, as well as forward views of supply chains, there’s nothing to suggest anything other than a return to relative normality now that those dynamics have been absorbed and new equilibrium seems to be stabilising.”
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