Rental car shortages hitting across country ahead of Memorial Day
The U.S. has been suffering from a rental car shortage as more people get vaccinated against the coronavirus and travel picks back up. FOX Business’ Lydia Hu with more.
Memorial Day is traditionally one of the top times to get a deal on a car, but this year is a little different.
The ongoing semiconductor chip shortage coupled with the lingering effects of previous production disruptions brought on by coronavirus lockdowns has led to low inventories and created a seller's market that's been driving average transaction prices sky high in recent months.
Nevertheless, a survey of car shoppers by Cars.com found that 43% of them still plan to buy a vehicle during the holiday weekend, with 61% of them looking for brand new vehicle.
However, there are deals to be had if you look hard enough, even on popular models, and there are a few huge ones if you bundle all of the incentives available.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 59.20 | -0.70 | -1.17% |
| F | FORD MOTOR CO. | 14.54 | -0.38 | -2.52% |
| TM | TOYOTA MOTOR | 165.98 | +0.43 | +0.26% |
| FCAU | n.a. | n.a. | n.a. | n.a. |
According to iseecars.com, the 2021 Chevrolet Bolt EV qualifies for up to $12,000 worth of incentives and the 2021 Nissan Leaf $7,500. Both are $1,000 cheaper if you can find a 2020 model on the lot. Meanwhile, a 2020 Chevrolet Suburban can be had with $6,750 on the hood.
Here are a few other cash incentives available on top-selling models in dealer inventory that run through the weekend:
2021 FORD F-150 XL/XLT: $1,500
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2021 RAM 1500 BIG HORN QUAD CAB 4X4 6’4″ BOX: $3,500
2021 CHEVROLET SILVERADO 1500 CREW CAB: $4,000
2021 TOYOTA RAV4: $750
2021 NISSAN ROGUE: $500
