For the better part of two years now, automakers have struggled to produce new vehicles amid numerous supply constraints – primarily the semiconductor chip shortage. This has led to dwindling inventory, though new car shoppers are still eager to get their hands on vehicles, regardless. This has led many to pay more than MSRP for that privilege, surprisingly enough, though only 28 percent of new car shoppers say they’re ok with doing so, according to new data from Cox Automotive.
While that still represents a sizable chunk of new car shoppers, the percentage of those surveyed who are fine with paying more than sticker price has declined from 42 percent in April 2021 down to 28 percent in March 2022. At the same time, the percentage of new vehicle shoppers surveyed who say they would never pay more than MSRP has grown from 58 percent last year to 72 percent this year.
While Lincoln’s lineup is selling for less than sticker price on average and Ford’s overall lineup is moving for pretty close to MSRP these days, that isn’t the case with a number of FoMoCo’s newer, hotter models. As Ford Authority recently reported, the 2022 Ford Maverick compact pickup, the reborn 2022 Ford Bronco SUV, and the 2022 Ford Mustang are all among the top new vehicles selling for the highest percentage over sticker price, on average.
At the same time, Ford continues to temporarily remove non-critical features from a variety of its vehicles in an effort to speed up deliveries amid the chip shortage. Most recently, this includes multicontour seats in the 2022 Ford Explorer, factory navigation in the 2022 Ford Bronco, and second row climate controls in the 2022 Ford Expedition. It’s currently unclear how long the chip shortage will continue, but a recent report from the U.S. Department of Commerce suggests that microchip demand will exceed supply for at least six more months, while Ford CEO Jim Farley believes it will persist into next year.