As the year draws to an end, the vehicle inventory shortage shows no signs of following suit. Due to the tight supply from ongoing production challenges, vehicle inventory is as fleeting as the remaining weeks of 2021. According to J.D. Power’s October report, nearly 54% of vehicles are sold within 10 days of arriving at a dealership. Shoppers able to snag a vehicle will likely pay more for the purchase, too: The average new-vehicle transaction price was expected to reach a record high of $43,999 in October. Contributing to the high average prices are reduced manufacturer incentives, which have sunk to a record low of $1,628 — 3.7% of average vehicle MSRP and 4.7 percentage points less than the same period a year ago.
But shoppers looking to buy a new vehicle aren’t completely out of luck, especially if they have a car to trade in. J.D. Power reports that the average trade-in value was trending up to $8,738 — a 70% increase from the previous year.
Along with offsetting some of the premium with a trade-in, shoppers can choose from the popular SUV and pickup truck models below that come with the most generous incentives for November. Read on for the details.