If you've been to a dealership recently, you're aware of the inventory crisis. The global microchip shortage has hampered car manufacturers' ability to deliver finished vehicles.

So, what should you do if you urgently require a new vehicle? Is it still possible to get the best deal? Here's what you should know.

Manage your expectations, but shop around 
While prices are generally higher than they were a year ago, there is still significant price variation for the same vehicle depending on who is selling it. Pricing varies by dealer, depending on factors such as inventory allocations and local demand.

A "deal" these days might be finding a car you like and paying full sticker price (MSRP), rather than a four- or five-figure market adjustment. Given the inventory shortage, it's more important than ever to shop wisely and do your pricing research.

Leverage high trade-in values 
The most popular hack these days is obtaining equity from your existing vehicle. Because of the new car shortage, used car prices have skyrocketed. You may have to pay more for your new car, but at least you can take advantage of the high value of your current vehicle.

If you are currently leasing a car, do not simply return it at the end of the lease. Instead, contact the lender and inquire about the current lease buyout price, then compare it to the amount you could sell the vehicle for.

If your vehicle is worth significantly more than the lease buyout price, a service can buy it directly from the lender and pay you the difference.

Consider a custom order, rather than buying off the lot 
Previously, the best deals were found in existing inventory. Dealers were held to monthly sales targets, so the priority was to sell existing vehicles that could be sold immediately rather than at some undetermined future date.

Dealers would frequently sell a portion of their existing inventory at a loss in order to qualify for a lucrative monthly volume bonus from the manufacturer or to secure more allocations of future inventory, particularly high-profit, in-demand models.

The situation has now completely changed.

Rather than chasing volume, dealers are now concentrating on increasing gross profit on the few inventory vehicles they have on hand. Dealers are banking on buyers willing to pay a premium for instant gratification — in the form of market adjustments and other markups.

If your negotiations are failing, the solution may be to place a custom order.

Locate a dealer or broker who will accept custom orders at MSRP. A dealer may be willing to accept a lower profit margin on custom orders in exchange for the certainty that the vehicle will be sold the moment it arrives on the dealer lot.

Check the "special deals" or "local offers" tabs on automakers' websites, then enter your ZIP code to find any promotional lease deals available in your area. They frequently differ by region in order to account for local supply and demand issues. It's also a good idea to check local dealers' inventories via automakers' websites to see what's currently available.

The Bottom Line 
Finally, keep in mind that the best-advertised lease deals are usually only available to "well-qualified lessees" with excellent credit. This could imply a FICO score of 781 or higher, which is considered "super-prime." Those with lower FICO scores who still have enough income to qualify may face a higher interest rate, a larger down payment, and/or a refundable security deposit, all of which would translate into higher monthly payments. So, when entering into a lease, keep your eyes open for potential roadblocks.