Even in this market, some new vehicles simply don’t sell.
The automotive industry has yet to rebound from the current global shortage of semiconductors, with production still limited worldwide. Prices for new and old cars have skyrocketed as many dealerships struggle to keep stock on their lots. Despite the lack of choice in the market due to the pandemic at the moment, not all vehicles are able to attract willing customers. These are the 2022 model year vehicles that dealers cannot move from their lots. So those are the ones you could make a deal on.
Our friends from Edmunds provided R&T with sales data for 2022 model year vehicles sold last February. We excluded results from model year 2021 vehicles, as they only accounted for 10% of new vehicle sales last month. According to the dataset, the average new vehicle sold in 2022 stayed at a dealership for just 16.7 days before completing a transaction. It’s one of the fastest rates ever, and one that highlights the craziness going on at local dealerships. Of course, embedded in every average is the lower end of the curve. The anomalies. The cars that remain, almost unwanted. Among February’s bottom ten performers in the days to turn category, the average time spent on a lot before a sale reached 59 days. As the list of underperformers confirms, the time a car spends in a dealership isn’t necessarily indicative of its quality.
The Genesis G80 found itself the slow seller champion in February, taking an average of 86.4 to exit the dealer lot. That’s no shock, as declining sedan sales and lack of brand recognition among buyers are actively playing against Genesis. That said, the G80 is a fantastic offering and one that should have warned other automakers. With a base price of under $50,000, the G80 could be a bargain floating atop a sea of overpriced used sports sedans. Especially if you can nab one without paying a pandemic-inflated price.
Alfa Romeo struggled to move vehicles last month, with the Stelvio and Guilia ranking third and fourth on the list. In fact, Alfa and Volvo were the only manufacturers to feature two of their vehicles among the slowest sellers. Contrary to what you might expect, the Stelvio fared worse than its sedan sibling, taking an average of 75.1 days to sell. The Guilia left burst batches in comparison, requiring an average of 67.8 days. Alfa Romeo struggled to find its footing when it returned to the US market, which is only made more evident by those abysmal sales figures. Whether buyer reluctance stems from general misunderstanding or the brand’s not-so-stellar reputation for reliability, people don’t want Alfa Romeos right now. If you’re willing to take a chance on an enthusiast’s most beloved brands, the opportunity is here. But take advantage of the extended warranty.
One of the most surprising competitors on the list is the 2022 Jeep Wagoneer. Taking an average of 49.3 days to leave dealer lots, the three-row SUV ended up in sixth place among the slowest sellers. . There are several reasons the new SUV might not fare well among seemingly enraged buyers, such as customer confusion surrounding the model’s placement in the lineup. Dealers can also hold demo vehicles longer than normal so customers can actually see one of these beasts amid stock-outs. That said, there are thousands of these SUVs currently for sale on the web, which suggests that there may be other factors at play here. Perhaps the Jeep’s high price of entry tempted customers away from the tried-and-true Grand Cherokee nameplate. Whatever the reasoning, Jeep can’t be thrilled with the truck’s performance so far in 2022.
We can’t promise that local dealers won’t try to make money from market adjustments even on these wallflowers, but your chances of going home with a bargain are better. Still, we hope none of us have to shop like this any longer.
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