Pandemic, Chip Shortage Drive Up New & Used Vehicle Prices
Vehicle prices have risen so much that some used vehicles are now selling for more than they did when they were brand new.
High demand and low supply have driven up prices. Dozens of 1- to 3-year-old vehicles were found to be higher than the original sticker price.
Factory shutdowns during COVID-19 had a big impact on supply.
Additionally, a worldwide shortage of computer chips has made manufacturing more difficult and expensive.
The auto research firm Black Book says prices are up 30% since before the pandemic, and will likely stay that way until the chip shortage ends.