


Plus the lead time on those machines can be about two to three years before they’re up and running. Another issue is somewhat of a Catch-22: There are shortages of chipmaking machines and they themselves need chips to run as well. Part of the problem is that building new semiconductor factories is a complicated and expensive process that takes years. In a recent interview, however, Intel’s CEO, Pat Gelsinger, was quoted as saying he expects the chip shortages to persist until 2024. Many people who were on the fence about buying a new car likely decided to wait out the chip shortage. WAITING IT OUT MAY BE TOUGHER THAN EXPECTED With this in mind, here are a few issues you need to know about the current car-buying climate, plus tips on best managing them.

“You can’t simply walk into the dealership expecting to find bargains, incentives or even the vehicle you want.”
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“Consumers in need of a new ride this summer need to break old habits and relearn how to smartly navigate today’s market,” said Ivan Drury, Edmunds’ senior manager of insights. Throw in sky-high fuel prices and rising interest rates, and it’s enough to make people throw their hands up in resignation. Because of the COVID-19 pandemic and its after-effects, we’ve had to deal with factory closures, supply chain issues, a worldwide shortage of semiconductor chips, vehicle shortages, price hikes on dealer lots and fewer discounts. Shopping for a new or used car over the last couple of years has become a more challenging endeavor.
