Used car prices rise 37% as supply shortages wreak havoc on car buyers and sellers – Reuters

PHILADELPHIA (CBS) — Pandemic-related supply and personnel shortages continue to wreak havoc on the auto industry. The lack of computer chips makes the already difficult task of buying a new car even more difficult.

On Wednesday, CBS3 showed you the effect of 7% inflation on groceries. On Thursday, we show you the impact on the auto market, where Edmunds says used car prices are up 37%. This makes the process of getting new wheels difficult for drivers.

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Loading and leaving the lot is exciting. But what’s more emotionally draining is the disappointment of not finding what you want.

Many dealerships are faced with nearly empty lots, like this one in South Jersey.

Ongoing COVID-related supply chain shortages have extended to the automotive industry, where used vehicles are being sold before customers can access them.

A woman ended up buying a new car when she was looking to buy something used.

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“But when I priced a rare car I was looking for, versus a new car, it was only like a $1,000 difference, and it was a 2018 versus ’22,” said Mount Airy resident Nicole Norris.

At Barbera Jeeps on Roosevelt Boulevard, Jim and Theresa Wilkins came from the Poconos to pick up their new vehicle after traveling the tri-state for weeks.

“He said get down here ASAP because if it’s gone, it’s gone, so we’re back to square one,” said Jim Wilkins.

The dealership has its own challenges when buying. They have become very active due to delays in supply chain shortages due to computer chip shortages.

“Definitely pipeline challenges. We actually sent people to pick up the car, which we had never done before in 30 years. It’s like he’s sitting in port, we’ll pick him up,” Gary Barbera said.

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Some dealerships are facing greater shortages, forcing consumers to travel farther to get what they need. Experts say shop — and online — for the best deals.

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