The chip shortage is making cars more expensive
New cars are getting more expensive thanks to the global semiconductor shortage. And the price of used cars is going up, too.
About 13 percent of people who bought a new car in the US in April paid above sticker price, according to Jessica Caldwell, director of insights at Edmunds. Last year, only 8 percent of buyers paid more.
New vehicle prices have been on the rise for a while now, but the shortage is only worsening the trend. Automakers are temporarily shutting down production lines around the world. The chips they are able to source are going into the most popular new vehicles — the ones that make the most money. To make matters worse, demand for new cars and trucks is increasing, leading to markups. This has pushed more consumers…