3 Tricks to Navigate Insanely High New Car Prices According to Consumer Reports | MotorBiscuit

New car prices are insane. Used car prices are even more insane. This chip shortage is rocking the boat customers and major manufacturers, like Ford, Toyota, and Chevy. While the chip shortage doesn’t seem to be easing up any time soon, there may be some relief. Consumer Reports has a few tips for navigating insanely high new car prices and limited inventory. 

Car Dealership | Getty Images/Bob Riha, Jr.

Why are new car prices so high? 

Our old friend, chip shortage, seems to be here with us for the foreseeable future. This – along with other production delays – has created a massive log jamb in the automotive industry. The result of these delays is fewer cars in the lots, and a premium on the more abundant used models. As Consumer Reports notes, this is a classic example of a seller’s market. The people with the cars have the power to set wild prices because there is so little supply to meet the demand. 

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