Used Car Prices Up 37% As Supply Shortages Wreak Havoc On Car Buyers, Sellers
PHILADELPHIA (CBS) -- The ongoing pandemic-related supply and staffing shortages continue to wreak havoc on the auto industry. A lack of computer chips is making the already difficult task of buying a new car even more challenging.
On Wednesday, CBS3 showed you the effect of 7% inflation on groceries. On Thursday, we're showing you the impact on the car market, where Edmunds says used car prices are up 37%. That's making the process of getting new wheels tough on drivers.
Loading up and driving off the lot is exciting. But what's more emotionally draining is the disappointment in not finding what you want.
Many dealerships are faced with near-empty lots, like this one in South Jersey.
Ongoing COVID-related supply chain shortages have extended to the automobile industry, where used vehicles are being sold before clients can get to them.
One woman ended up purchasing a new car when she went in looking to buy something used.
"But when I did the pricing for like a rare for I was looking for, compared to a new car, it was only like a $1,000 difference, and that was a 2018 vs. '22," Mount Airy resident Nicole Norris said.
At Barbera Jeeps on Roosevelt Boulevard, Jim and Theresa Wilkins drove from the Poconos to pick up their new ride after searching the tri-state for weeks.
"He said get down here as soon as you can because if it's gone it's gone then we're back to square one again," Jim Wilkins said.
The dealership has its own challenges when buying. They've become very hands-on due to delays in the supply chain shortages due to computer chip shortages.
"Definitely pipeline challenges. We've actually sent some people to pick up the car, which we've never done that before in 30 years. It's like if it's sitting down at the port we'll go get it," said Gary Barbera.
Some dealerships are facing higher shortages, which leaves consumers having to travel further to get what they need. Experts say shop around – and online – for the best deals.
