DETROIT (AP) – High demand and low supply have driven up used vehicle prices so much that many are now selling for more than their original sticker price when they were new.
The auto research firm Black Book found 73 models of 1- to-3-year-old vehicles with prices higher than the original sticker, even though they’re used. It’s all because of factory shutdowns last year at the start of the coronavirus pandemic and a worldwide shortage of computer chips that have forced auto production cuts.
Black Book Senior Vice President of Data Science Alex Yurchenko says used vehicle prices are up 30% in the past year. He says the high prices will stay until the chip shortage ends, and that date is unknown.