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Here’s Why You Could Be Paying More For A Used Car Very Soon

Credit: Greg Gjerdingen

From USAtoday.com…..

Get ready to pay higher prices for used cars.

A dearth of semiconductor chip production is cramping new-vehicle production , limiting the availability of certain models in the coming months and threatening to raise used-car prices as buyers hunt for alternatives.

The shortages of chips, a result of the pandemic, are rippling through the automotive industry, undercutting production at General Motors, Ford, Honda, Toyota and other companies.

The upshot is that the used-car market, in particular, is poised for significant disruption – likely in the form of higher prices.

A similar thing happened in 2020 when automakers were forced to temporarily stop the production of most new vehicles due to COVID-19 lockdowns. That drove more buyers into the used market, increasing prices.

“The used-car market went haywire,” says Ed Kim, vice president of industry analysis for AutoPacific. “I’m expecting to see more of the same thing year, but for a different reason.”

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