Consumers hoping to switch to an all-electric or more fuel-efficient vehicle, while Russia’s invasion of Ukraine pushes gas prices to record highs, will largely be out of luck.
A combination of supply chain problems, pent-up demand and record-low vehicle inventory levels means many new cars and trucks, including EVs, are already spoken for before they reach dealer lots.
Those that are readily available are more often large pickups, SUVs and crossovers, since many automakers dropped or deprioritised small car production in recent years in exchange for vehicles with higher margins.
“Even for people who want to switch to electric, they have nowhere to go,” said Jessica Caldwell, executive director of insights at Edmunds.com. “Anything you’re looking to buy, you’re on a waitlist … or even if you’re looking to downsize your purchase, you’re paying top dollar. It just doesn’t make sense to make a move right now.”- CNBC