While an inventory squeeze at dealerships isn't getting worse, pent-up demand is expected to keep inventories low and prices high this year.
"This pent-up demand will keep inventories low and prices high throughout most of 2022," Jominy said.
"It's slightly better in the sense that there is no more drop-off of inventory — it's not getting any worse," said Ivan Drury, senior manager of insights for Edmunds.com. "But we're still talking many months out until it starts looking more normal." In other words, new cars aren't hanging around long once they arrive on a dealer lot: In December, an estimated 57% of cars sold within 10 days of delivery, according to J.D. Power. The average time, overall, for a new car to sell from the lot is 17 days, a record low and down from 49 days a year ago.
One bright spot, Drury said, is that the demand for used cars has pushed trade-in values well above normal.
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