The next vehicle shortage crisis…
Although life is slowly returning to some normality after the COVID-19 pandemic, it seems the impact is set to last for the foreseeable future and not always in ways we might expect.
The automotive industry has been hit particularly hard over the past few years with the uncertainty presented by Brexit and a pandemic, and now they are facing their next challenge – a global microchip shortage.
Along with the backlog of manufacturing that COVID-19 lockdowns have caused, this chip shortage is yet another setback for the automotive industry who are struggling to keep up with demand for new vehicles.
What have microchips got to do with vehicles, you ask? Well, vehicles are now so technologically advanced that microchips are used in most newly manufactured vehicles to run their engine management systems. This chip shortage is affecting almost all manufacturers who are now having to slow down or adapt production accordingly, which is causing a wide-spread vehicle shortage which is set to cause issues until at least 2022.
So, what does this ongoing vehicle shortage mean for you? In simple terms, there are just not enough vehicles being manufactured to meet demand. To put it in perspective, if you were to order a Toyota Hilux today the earliest you would receive your new vehicle would be April 2022, nearly a year from now. Delays like this have the potential to cause huge issues, particularly to business who rely on fleet vehicles for their operations.
We have no idea how long this shortage is set to last but even once microchips become more readily available, vehicle manufacturers will be faced with a huge backlog, so we are unlikely to see things return to normal until at least next year.
We are urging anyone who is looking to buy or lease a new vehicle in the next 12 months, personally or as part of a fleet, to get in touch and order them now. It may seem too early to think ahead another year, but it is better to be prepared than to be caught out. We can always delay deliveries if necessary and by ordering in advance you will have protection if prices increase.
Here at 360 Autoleasing, we have the knowledge and expertise to guide you through the options currently available. If you would like to speak to one of our team about your options for buying or leasing for personal or business purposes, please don’t hesitate to get in touch!
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