Autos

New or used, car prices climb as inventory dips this spring

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Ty Wright | Bloomberg | Getty Images

It’s a challenging time to be a car buyer.

High consumer demand coupled with a manufacturing shortage of microchips — key parts needed for today’s autos to operate — have pinched new-car inventory at dealerships across the country. And with drivers seeking affordable options for hitting the open road, the used-car market isn’t offering much of a reprieve.

“It’s a seller’s market, not a buyer’s market,” said Kelsey Mays, senior consumer affairs editor for Cars.com. “And sellers don’t have that much to sell.”

The average price paid for a new car is about $40,000, according to Edmunds.com. For used cars, it’s roughly $23,000.

A year ago, when dealerships…



Source cnbc.com

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