Car buyers today continue to face fewer choices and much higher prices - and cheap vehicles are especially hard to find. It's not just that there are fewer cars; the ones being made are fancier, too.
Used cars for sale sit on a lot at a dealership in Doylestown, Pa., last week. Finding a car is still tough, especially for more affordable options.
"The people who are looking for need-based transportation as opposed to want-base transportation — the folks who are looking for the traditional $10,000 or $12,000 car that has, you know, 95,000 or 105,000 miles — those folks are having a very difficult time in this market right now," says Matt Jones, head of communications at TrueCar.
It has pushed average new vehicle prices up significantly, and because people priced out of new cars turned to used cars, every car shopper has felt the impact.That focus on more expensive cars has been good for automakers' bottom lines. Dealerships have also benefited. Scarcity has vehicles flying off the lot, and they, too, profit off the shift to up-market.
But many analysts believe that once chips become available, companies will likely fall back into fighting over market share by offering higher volumes, lower prices and more options.
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