KXLY
July 19, 2021 6:56 PM
Updated:
SPOKANE, Wash. — There’s a shortage in computer chips which is making it harder to produce new cars. This is increasing the demand for used cars, and prices are skyrocketing for anyone in the market to buy.
“There’s just less new cars, so there’s a greater demand for used cars,” said Nick Arrotta, the general manager at Northtown Auto Sales. “I think that it’s going to be like this for a little while. It’s not something that is going to be fixed overnight.”
According to the Bureau of Labor Statistics, used cars saw the largest spike in inflation nationwide, rising over 10% in June. More people are wanting to buy, but it’s harder for used dealers to keep their lots stocked with affordable vehicles.