Used Car Prices Soar Amid Microchip Shortage

Monday, October 18th 2021, 9:42 am
By: Tevis Hillis


It is a seller’s market for used cars across the country as microchip shortages are impacting the entire industry. 

If you’re taking your ride in, you could see a couple hundred extra dollars on the dealership’s offer, but you will see the impact of picking a new car. Some are priced $2,500 to $5,000 higher than normal. 

Depending on the type of vehicle, you could see a 60% mark up. SUVs like the Lincoln Navigator are at 60% and Cadillac Escalades at 50%. 

If you’re looking for a car, you’re going to have to be flexible about color, trim, year and options. Especially if you don’t want to travel far for your next car. 

Officials say Oklahoma City currently ranks 2nd out of 50 metro areas in used car prices.