Tuesday, November 30, 2021

Colorado car registrations are nearly back to 2019 levels despite supply shortages

Cars remain in short supply, but that hasn’t stopped buyers in the state from finding a way to get them, according to the latest Colorado Auto Outlook report from the Colorado Auto Dealers Association.

Colorado consumers registered 63,286 new cars and trucks in the third quarter, up 14.5% from the 55,272 new vehicles registered in the same period last year. In the first nine months of the year, the number of registrations increased by 18.5% compared to 2020 and only 1,600 cars less than in the same period in 2019.

“Demand for new trucks and cars in Colorado remains strong, but future sales and registrations will be hampered by production and supply bottlenecks, as well as a set of factors related to chip shortages, transportation logistics, labor availability and low inventory levels. said Tim Jackson, president of the association, in comments to the quarterly report.

According to the forecast included in the report, over the next 15 months, the main driver of sales will not be demand, but production, which is lagging behind due to continuing shortages of semiconductors and other critical parts.

Colorado’s car registrations are forecast to grow 6.6% by year-end over 2020, implying a very weak fourth quarter. According to the baseline scenario, registrations in Colorado are projected to remain virtually unchanged by 2022, and will grow by only 0.6% by 2021, with the potential to decline by 7.5% if the supply deficit deepens.

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