Things are getting out of hand.
With the global semiconductor chip shortage showing no signs of ending soon, a combination of low supply and high demand is causing new car prices to skyrocket. As a result, many popular new models like the Ford F-150 Raptor are selling for thousands of dollars above sticker. To illustrate this, Autotrader has compiled a list of the top twenty 20 new vehicles consistently selling above full retail price, and the results are eye-opening.
One car on the list that caught our eye is the C8 Chevrolet Corvette Stingray. Normally, the 2021 Corvette Stingray starts at $59,900 for the entry-level 1LT.
But with demand higher than ever, Chevrolet's newly mid-engine sports car is selling at 102 percent of the MSRP on average according to Autotrader's findings. That means some buyers are prepared to pay over $120,000 - and that's just for the entry-level model. More popular trims like the 2LT and 3LT will be even more expensive.
Autotrader ranked the Corvette Stingray in 15th place, positioning it below the Ford Bronco and above the Toyota Tacoma, which are also selling at an average of 102 percent of MSRP. Topping the list is the Mercedes-Benz G-Class, which sells at 118 percent of MSRP, followed by the Kia Telluride (108 percent) and the Kia Carnival (107 percent). Mainstream models like the Honda Odyssey and Nissan Kicks are selling for 103 percent of MSRP, while the Chevrolet Bolt EUV is selling for 100.5 percent.
"Many car shoppers are in for a surprise right now - if they can find the model they are looking for at the dealership, they may have to pay more for it than expected," said Brian Moody, executive editor at Autotrader. "In these unusual times, Autotrader's consistent advice for deal-hunting car shoppers is to look for a sedan, hatchback or wagon. On the flip side, SUVs, trucks and even minivans are very popular right now, and they are in low supply. Chances are high that shoppers will have to pay more for the exact vehicle they want."
To measure the price increases, Autotrader compared the average transaction prices to the MSRP. Notably, many vehicles with the highest average transaction prices are in short supply and also have low incentives indicating a high demand.