Consumers willing to go the extra kilometre as automakers experience a microchip shortage
A new survey by autotrader.ca found new vehicle buyers are aware of the shortage of microchips and those consumers are willing to be more flexible as a result.
“We did this research to understand consumer awareness level and 90 per cent of them were aware of the microchip shortage,” said Baris Akyurek, director of marketing intelligence at autotrader.ca.
“Those consumers have also made some adjustments to their behaviours so they can go ahead with their lives and buy the cars that they need to buy.”
Those behaviours include customers willing to travel further to purchase a vehicle -- more than 400 kilometres to buy that car, truck, car or SUV.
“One-third of consumers that we surveyed are willing to drive that extra kilometre and they are also willing to adjust their budget,” said Akyurek.
“Even 30 per cent of new car shoppers say they are willing to pay more for the vehicle that they want.”
Akyurek added that consumers faced with the microchip shortage are also doing more comparison shopping.
“Consumers want to know the average price and they want to compare the price of the car they’re interested in so they are more informed, more confident in making that decision,” he said.
Akyurek also said the autotrader.ca survey revealed that consumers believe there will be less room to negotiate price when buying that new vehicle.