The majority of the 2022 calendar year has been dominated by headlines regarding the global chip shortage, with automakers scrambling to shore up microchip supplies and keep production lines rolling amid strong consumer demand. Now, one recent study indicates that roughly half of consumers may postpone their vehicle purchase as a result of the chip shortage.
According to a recent report from Cox Automotive, roughly 45 percent of consumers would postpone their vehicle purchase as the chip shortage drags on. That figure remains consistent with statistics recorded in November, and a drop compared to the 48 percent of consumers that said they would likely postpone a purchase in August of 2021. By comparison, 37 percent of consumers said they would postpone a purchase in April of 2021.
The insights were provided via Cox Automotive research conducted between March 2nd and March 9th of 2022, with a sample population size of 242 individuals.
The Cox Automotive research also indicates that consumers are now more aware of the chip shortage than previously, with 60 percent of consumers surveyed “very aware” of the shortage, as compared to just 28 percent in April of 2021. Just 2 percent of those surveyed had not heard of the chip shortage prior to the survey in March of 2022, as compared to 24 percent in April of 2021.
Along with greater awareness of the chip shortage, consumers are also more pessimistic about its long-term effects. Most consumers surveyed (57 percent) believe that the shortage will result in elevated vehicle prices even after the chip shortage has been resolved, while 39 percent believe that prices will return to pre-shortage levels, and 4 percent believe that prices will be lower than before. Additionally, most consumers surveyed (35 percent) believe that the chip shortage will last for at least another year, as compared to 20 percent who think the shortage will be resolved in 6 months and 18 percent who believe it will be resolved in the next 7 to 12 months. Twenty-seven percent of consumers surveyed said they did not know when the shortage will be resolved.
Finally, fewer consumers are now willing to pay over MSRP for a specific vehicle as compared to earlier in the chip shortage (28 percent now versus 33 percent in November), but those who would pay above MSRP would be willing to dole out an average of 20 percent over MSRP to get the vehicle they want.
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Source: Cox Automotive