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Friday, March 29, 2024

Revved up US demand for used cars sends prices soaring

A shortage of computer chips has stalled auto manufacturing, driving a price increase for used vehicles.

ARLINGTON: The used car market in the United States is seeing an unprecedented phenomenon: owners selling vehicles for as much or more than they paid for them.

The strange twist comes as a global shortage of computer chips amid the Covid-19 pandemic has stalled auto manufacturing, fueling a price increase for used vehicles, which in turn helped drive record US inflation last year.

It “100 percent is a new trend,” which is unlikely to end soon, said Aurelien Guillaud, owner of Arlington Auto Group (AAG), a car dealership based in Arlington, Virginia, just outside the nation’s capital.

Due to the shortage of new vehicles, there has been an influx of demand for used cars, he said.

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