As the global semiconductor chip shortage continues to interrupt production across the auto industry, the supply of new vehicles is at its lowest point in over a decade. That said, iSeeCars have just published their April sales study, which highlights some of the effects of this supply chain issue. Last month saw used vehicles trading hands at a faster rate than the months prior, but not all new vehicles were in a bad spot. The C8 Corvette just captured the title of the fastest selling vehicle in the United States for a fourth consecutive month, which is incredibly impressive for a sports car. Though SUVs are really the bread and butter of the new vehicle market, and it seems that hybrids are picking up steam. This is particularly true for the Jeep Wrangler 4xe, which came in just behind the C8 in the study.
C8 Corvette, Jeep Wrangler 4xe Dominate The Charts
The latest study analyzed the sale of over 1.3 million new and used cars sold in April 2021. iSeeCars found that new cars took an average of 48.3 days to move off the lot, compared to a 47.4 day average in March. Used car sales didn’t slow down in a similar way however, needing an average of just 37.4 days to sell. In March, that figure came in at 39.4 days. The C8 Corvette and the Jeep Wrangler 4xe didn’t take nearly that long to move, needing an average just 9.2 and 10.5 days to sell, respectively. Both vehicles are enthusiast-oriented however, which surely plays a part in the pace at which they are moving off lots. That isn’t necessarily good for those looking to buy one of these machines for themselves, however.
“The microchip shortage is showing up as a clear constriction to new car supply, as we’ve seen a 16.6% drop in new car inventory over just the past four weeks from April to May,” said iSeeCars Executive Analyst Karl Brauer. “The significant decrease in inventory suggests demand continues to outpace supply, and these hot sellers will likely be even more difficult to find in the coming months.”
Global Chip Shortage Continues
When supply goes down, prices tend to go up. Interestingly enough, it appears that the C8 Corvette’s average transaction price reflects this month-over-month. In March, the average C8 traded hands for $82,457. Last month, that figure jumped up to $87,390, which is the highest it has been during this impressive four months sales stint. The Wrangler 4xe also wasn’t selling for a bargain price, with an average April sales price of $57,161. That figure is almost $10,000 over the MSRP of the hybrid 4×4.
As we continue to work through the global semiconductor shortage, auto sales are likely going to be wonky for a while. And while we aren’t surprised that both the C8 Corvette and the Jeep Wrangler 4xe are proving to be popular offerings, it will be interesting to watch how pricing shakes out as we move forwards. We don’t expect the C8 to fall off its throne anytime soon however, especially considering the high-performance Z06 offering is just around the corner. That said, it will be hard to sell anything if automakers can’t secure more automotive-grade chips very soon.