I thought car prices were going to drop when chips reentered the market. I’m not seeing a drop where I live, and I really need to replace a vehicle. What should I do?
Ask Chuck: When will car prices go down? christianpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from christianpost.com Daily Mail and Mail on Sunday newspapers.
I thought car prices were going to drop when chips reentered the market. I’m not seeing a drop where I live, and I really need to replace a vehicle. What should I do?
Print
Automakers posted higher sales in the first quarter as General Motors Co., Toyota Motor Corp. and others benefited from strong demand for new cars and trucks in comparison with a year earlier, when the spread of COVID-19 shut showrooms.
U.S. auto sales for the quarter surged more than 8%, according to analysts’ estimates. The gain reflects buying as vaccination rates increase and more people return to their pre-pandemic routines. Increased confidence in the economy, along with worries about lower supplies of cars due to computer chip shortages, also helped boost deliveries.
Major carmakers either met or handily beat consensus forecasts of analysts, most of whom projected quarterly gains compared with the disastrous performance in the first quarter of last year.