Will it be Easier to Buy a New Car in 2022?

MELBOURNE, Australia, Feb. 24, 2022 /PRNewswire/ -- Looking ahead into what this year may hold, many motorists in Australia are speculating about the state of the automotive industry and whether it will be easier this year to buy a new car than it has been over the past couple of years. Positive Lending Solutions, experts in car loans, boat finance and the top personal loan Australia wide, weighs in.

Positive Lending Solutions explains that over the past two years, the world has seen a significant shortage of microchips. These microchips are heavily relied on by the automotive industry as they are used in cars to control things such as airbags, safety systems, stability control systems and more. This manufacturing shortage has resulted in a two-year-long drought of new cars. Throughout 2021, Australia's new car supply dipped so low that although used car prices rose 25% in comparison to 2020 - making them equal in price or even more expensive than new cars - Australians have been purchasing used cars simply due to availability and shorter wait times.

According to the best personal loan experts, microchip manufacturing and new car supply are on the uptick – albeit slowly. Positive Lending Solutions cautions prospective buyers to keep in mind that microchips are still in short supply, so new vehicles may take months to reach Australian shores after an order is placed. However, experts in the automotive industry remain hopeful that as the world opens back up and restrictions ease, new cars will become increasingly accessible.

Buyers are assured that the interim while they wait for their new car is the perfect time to look around for the perfect car loan. Just like a caravan loan or a boat loan, car loans require shopping around for the perfect loan to suit the borrower's needs.

For help finding the right car loan, contact Australian loan professionals Positive Lending Solutions. They are experts in getting motorists the right loan and starting them on a journey to purchasing their dream car. 

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SOURCE Positive Lending Solutions