Here at Park Muffler, we know that repair bills can be scary.
We also understand why you may feel tempted to junk your current car and replace it with something new.
Times are tough and many drivers are being placed in a difficult situation where repairing a vehicle is pricey yet replacing is near impossible.
This doesn’t just apply to individual financial situations – all around the world, used cars are in short supply.
Although buying a used car seems like a financially sound alternative to repairing your vehicle, today’s economy is making that difficult.
Supply and demand issues have made finding a used car near impossible and those that are available are being sold at outrageous prices.
So what do you do? Keep reading to learn more about the used car shortage and why you should focus on repairing and maintaining your current vehicle:
Why Is There a Used Car Shortage?
Due to a shortage in computer chips, car manufacturing has been negatively impacted over the past year. Because there is a lack of new cars available to purchase, finding a used car has become increasingly difficult.
Not only has finding a used car been difficult but the prices have sky-rocketed too.
These computer chips, known as semiconductors, are necessary for manufacturing new cars since more and more models require this type of technology in order to function.
As the COVID-19 pandemic spread across the world, global demand for these parts increased dramatically and supply slowed down significantly since these semiconductors take months to produce.
For this reason, automakers around the world had to cut down on production because of the chip shortage – and the decrease in new cars means that the availability of used cars has plummeted.
Now, more than ever, drivers are realizing the importance of maintaining their current vehicles and repairing them instead of replacing them.
Why You Should Repair Your Car Instead of Buying New
Even if you take good care of your car, repairs are unavoidable due to wear and tear. Components such as belts, brake rotors, and hoses will eventually need to be repaired or replaced.
Repairing is more often less expensive than buying a new or used car. Even a blown motor or failed transmission will cost less than replacing your vehicle.
If you’re tempted to take that repair cost and buy a used vehicle, consider this: Used cars can come with unseen issues that could require an expensive repair down the road.
Plus, hanging onto the car you have means that you know what repairs have been done and what condition the vehicle is in. There’s no guesswork as to the shape it is in!
Buying a new or used car can potentially impact your insurance rates and registration fees. Many newer cars, because they contain so many expensive and hard-to-replace components (especially nowadays), can cause your rates to go up.
Ultimately, you need a vehicle but it’s important not to rush into buying something new or used simply because your current one needs repair.
Focus your finances on fixing it now and work toward the goal of owning a new car in the future.
Will The Used Car Shortage End?
Experts say that car shoppers continue to face less inventory and fewer incentives to buy new as compared to pre-pandemic times but these current conditions won’t last forever.
Car manufacturers are adjusting to their own “new normal” and are exploring ways to make money with lower inventory levels.