Recent polls by the University of Michigan show that a record number of consumers believe it’s a bad time to buy a car.
Who can blame them? The auto market is still reeling from a global pandemic and accompanying supply chain issues that have sent car prices for both new and used vehicles through the roof. Kelley Blue Book estimates the average used car sells for 42% more than it did prior to the pandemic.
The global chip shortage also means new cars are harder to find — and in particular the kinds of cars many shoppers are looking for. Automakers are currently prioritizing luxury vehicles over entry-level sedans and crossover SUVs to get the most return for their investment on limited chips.
But even in the face of terrible competition and rising prices, sometimes you still need a car. As part of a larger survey, The Zebra recently asked consumers how they financed their most recent vehicle and learned it varies a lot across generations.