So, what is the outlook for the automotive industry? With disruption likely to continue for another year along with the rising cost of living, consumer confidence is low and many are avoiding any kind of big-ticket purchase. This means that it is likely that the cost of new and used cars will stabilize and potentially bring costs down. It is hard to predict what will happen during periods of uncertainty and with there being so many different factors, but experts are predicting that there will be some stability in the near future particularly once the global chip shortage is resolved.
It is a turbulent time in the auto industry right now due to various factors. This is impacting the cost of both new and used cars and seeing motorists have to wait a long time for their new vehicles to arrive. When you factor in the current cost of living crisis, it is likely to be a bumpy road ahead but there are reasons to be optimistic with a long-term view.
