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Tuesday, 07 September 2021 18:19

Until 2023? Parts Shortage Will Keep Auto Prices Sky-High

Written by Tom Krisher, AP

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Back in the spring, a shortage of computer chips that had sent auto prices soaring appeared, finally, to be easing. Some relief for consumers seemed to be in sight.

That hope has now dimmed. A surge in COVID-19 cases from the delta variant in several Asian countries that are the main producers of auto-grade chips is worsening the supply shortage. It is further delaying a return to normal auto production and keeping the supply of vehicles artificially low.

 

And that means, analysts say, that record-high consumer prices for vehicles---new and used, as well as rental cars---will extend into next year and might not fall back toward Earth until 2023.

 

To read more, see the AP.

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