80% paid over sticker price when buying new car this January, according to report

You may have sticker shock when it comes to new car shopping. The supply chain issues continue to impact inventory and a new report shows 80% of new car buyers paid above sticker price.

The report from Edmunds says eight out of ten shoppers paid above MSRP for new cars in January 2022. That's compared to just 2.8% in January of 2021 and 0.3% in January of 2020.

Cadillacs, Land Rovers, Kias, and Porsches all going for thousands above MSRP according to Edmunds. Of 34 car manufacturers, the report found just six were selling cars below the sticker price and most just shaving off a few hundred dollars.

"With parts being on backorder and supply chain issues, we are not sure when it's going to end," Amber Tillett with Leith Automotive Group said. Tillett adds even with the high demand market conditions, Leith does not charge over MSRP.

"Customers remember when you gouge them in hard times. We don't want to do that. We want to work with our customers so we're not going to charge over MSRP on our new cars," Tillett said.

Despite the low supply, you still can find inventory of new vehicles. If a dealership doesn't have exactly what you want, pre-ordering is an option. Tillett said, "It might take you a while to get it, but it's worth it because if you can ride it out on the car you have and you know we aren't going to charge over MSRP here at Leith, then go ahead and pre-order your car whatever it is and then just wait a few months to get it."

There are still ways to negotiate in this high-demand market. It may not be in the price, but try negotiating savings when it comes to add-ons like warranties, dealer-installed accessories, or protection packages.
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