A global shortage in semiconductor chips is forcing many Americans to travel far and wide just to get the car or truck they desire. It doesn’t matter whether a vehicle is new or used, dealerships are running on empty.
Nearly 10% of vehicle shoppers traveled out of state to purchase the ride they wanted, according to a new survey by Cars.com, an online automotive marketplace. Of the 12,000 respondents, 56% bought a new vehicle, while 43% bought a used vehicle.
The chip shortage has caused a number of auto factories to shut down temporarily in recent months because they can’t finish building new vehicles without adequate parts.
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Those issues have contributed to a spike in used-car prices. With newer vehicles harder to come by, used cars are suddenly a hot commodity.
And that means many people are willing to cross state lines to get what they want.
“We’ve seen inventory dive both from a new and used standpoint as the chip shortage really kind of continues to impact the industry,” says Kelsey Mays, assistant managing editor at Cars.com.
Domestic auto inventory has steadily decreased over the course of the year, reaching an all-time low, says Bryce Gill, an economist at First Trust Portfolios, an investment management firm.
Inventory of new vehicles assembled in North America at the…