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.”
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.
“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.”