Car prices high, China semiconductor shortage

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FORT MYERS, Fla. – Car prices could remain high for another two years as dealerships continue to struggle to maintain their inventory of used and new cars due to a shortage of Chinese-made semiconductor chips, dealers told Fox News.

“We have to charge more money for the cars because we’re paying more money for the cars,” John Bodmann, a product specialist with McGrath Volvo Cars of Fort Myers, told Fox News. “The prices of used cars have escalated since the availability of new cars is limited.”

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The price of used cars and trucks rose 31.4% over the past year, while new vehicles climbed 11.1%, the latest Consumer Price Index showed. The car dealers told Fox News they estimated that prices would continue to be high for the next one to two years.

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“Customers come and see less now and have to pay a bit more,” Diamond Cut Autos sales consultant Alexis Alvarez told Fox News. “For example, now you get a car that’s 2010, and it might just cost you like four or five grand more.”

www.foxnews.com/us/car-prices-remain-high-as-chinese-made-semiconductor-shortage-keeps-inventories-low

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