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Why It s a Terrible Time to Buy a Car, and How Long You Should Wait Photo: Simone Hogan (Shutterstock) With new and used car prices soaring due to shortages, you might want to reconsider your plans to buy a car and try again later at least until the end of summer, or whenever supply picks up again. Otherwise, you’ll really have to do your research to get a good deal, as you’ll be facing higher prices and fewer choices. Advertisement Car shortages have jacked up prices Factory shutdowns early in the pandemic have resulted in a microchip shortage that’s slowed down production on new cars, resulting in lowered inventory by 64% at dealerships nationwide, compared to a year ago. You may have noticed fewer cars on dealers’ lots, too the average number of new cars on lots is trending towards the low-30s, well below historical norms of at least 60, according to Cox Automotive. According to Kelley Blue Book, the average vehicle listing price was $39,833 in April, a 7.9% jump abov

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