Car Inventory Remains Low Keeping the Prices High

By Toby Friedman

If you’re looking to purchase a new vehicle then surely you’re aware of the price surge on cars.

This is a result of a shortage of Chinese-made semiconductor chips that are required for the production of cars.

Tens of thousands of new vehicles are lined up and sitting in storage spots waiting for these necessary chips, to be completed.

Car prices are estimated to remain high for another two years as dealerships struggle to maintain their inventory.

"We have to charge more money for the cars because we're paying more money for the cars," John Bodmann, a product specialist told Fox News.

Used cars are also going up in price since the availability of new cars is limited.

Bodmann's message to consumers looking to buy a car: "Be patient."

Photo: Flickr