Have you tried to buy a new or used Toyota over the past couple of years? You may have noticed that the prices have skyrocketed.
The Scarcity Of Microchips
It's because there's a worldwide shortage of cars due to the scarcity of microchips. The pandemic slowed many factories that produce microchips. As a result, car manufacturers such as Toyota are having a hard time keeping up with the demand for new cars. They can't get enough chips.
That's why new car prices have gone up. Many consumers have found that they couldn't afford brand new cars, so they settled for used cars. As a result, the demand for used cars has skyrocketed along with the demand for new cars. So used cars have gotten quite expensive, as well.
This Isn't Toyota's First Rodeo
This is not the first time Toyota has faced a car shortage. After the Cash for Clunkers program passed in 2009, Toyota started running low on inventories of the most popular models. The Prius shortage as discussed in this blog post was particularly bad during that time. Toyota had trouble keeping models like the Camry in stock, even as the U.S. Congress authorized $2 billion to extend the program.
Hold Onto Your Older Toyota If You Can
Image Credit: CareCareII
No one can predict when the microchip shortage will end. It may take two or three years for microchip factories to catch up, or they may catch up sooner than that. Many experts think that new car production volumes will start going up (and the prices will drop) by early 2023.
So if you can, hold onto your older Toyota until then. You'll save much more money in the long run if you make repairs and upgrades to your car. In fact, you'll save even more money by shopping with us. We offer wholesale pricing for genuine OEM Toyota parts.We also have many different DIY Toyota parts repair and replacement tutorials on our blog.
Please contact us if you need help finding the right part(s) for your Toyota.