New and used car demand could last until 2023 if not longer - WMTV – NBC15

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MADISON, Wis. (WMTV) - Car dealerships cannot keep up with the demand for new or used vehicles.

Car sales departments recommend people plan ahead as much as possible when purchasing a new or used vehicle.

SMART Toyota General Sales Manager Justin Jackson said it’s hard to meet the specific color, features or price needs for people looking to purchase a new or used vehicle immediately. He said the Madison new and used car dealership’s parking lot is usually filled with 200 cars, but they only have 80.

Before the pandemic started in the U.S. in March of 2020, cars would sit in Jackson’s lot for at least 45 days before a sale, but now they’re sold in 12 days.

Jackson said no one knows when the high demand for new or used cars might subside.

“If you asked me back in 2020 in March when this all started I would’ve said by the end of the year,” he said. “I don’t want to comment. I can’t see it ending anytime this year. It’s just too much demand. Which is obviously a good thing for everybody who sells cars.”

Jackson said some customers might need to wait one year to get behind the wheel of their new or used car.

Customer Jim Rouse needs to buy a new Rav4 so that his son can take their old vehicle to college in August.

”Without cars available right now it’s more of a challenge,” Rouse said. “So I’m just starting the process of figuring out how long it will take to get a car and if we can even get one in the next several months.”

Jackson recommended that people follow Rouse’s approach and shop ahead of time.

Cars are still more expensive than they “normally” cost.

“That car that was maybe worth $5,000 before is now worth $8,000 now so it becomes a higher retail unit,” Jackson said.

Rouse understands that high demand and supply challenges brought on by the pandemic might impact his family’s purchase.

”We’ll probably have to pay a little bit more because of the lack of inventory,” Rouse said. “But we’re just starting the process of trying to find out how much more and what we’re looking at.”

Jackson said the high demand equalized competition between dealerships so customers spend less time bartering with sales people.

“Regardless if I go here or anywhere else we’re paying the same price which gives them peace of mind to a lot of people,” Jackson said.

He said vans are in currently in the highest demand.

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