RALEIGH, N.C., June 21, 2022 /PRNewswire/ — Automotive industry and reviews site Automoblog has released its car buying report for the third quarter of 2022. The report, titled, "Is It a Good Time To Buy a Car?" examines the many factors that make up the current state of affairs in the automobile industry.
For the report, Automoblog spoke with Dr. Barbara Hoopes, Associate Professor of Business Information Technology at Virginia Tech and supply chain expert. Hoopes identified some of the key challenges facing automakers and how these situations may play out in the near future. She cited ongoing supply chain disruptions and other issues as major obstacles for the industry.
"An automobile … can contain up to 30,000 parts, each of which may have a unique source, challenges in its industry such as increasing costs, labor shortages, raw material availability, currency fluctuations, and so on," said Hoopes. "A disruption in any of those upstream ‘chains’ can cause a disruption in the availability of the final product."
Rising interest rates are another facet of near-future projections for the automotive industry, affecting both consumer and business buying power. The article details the effects the recent and projected interest rate hikes could have on the auto industry and the economy at-large.
The report recommends waiting to buy a car unless it is necessary to do so, pointing to the current near-record prices of new and used cars. The full Q3 2022 report can be found on the Automoblog website.
Automoblog is an automotive news site dedicated to providing drivers and car enthusiasts the latest information and tips in the automotive industry.