Car dealerships seeing supply issues, price increases

Moffit Volkswagen
Moffit Volkswagen(KSLA)
Published: Jul. 23, 2021 at 4:15 PM CDT
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SHREVEPORT, La. (KSLA) - The pandemic has taken a toll on almost all aspects of every day life. For those out car shopping, extra patience may be needed.

Right now, the new car market is seeing low inventory due to supply issues happening overseas. However, the used car market is booming. Many dealerships say they currently have more used cars than usual on the lot.

However, Moffit Volkswagen Sales Manager Ted Shoquist says it’s the opposite for inventory on their lot.

“We’re seeing on the new car side the supply is coming, but when the car gets here a lot of them are pre-sold. So it’s a great time to be in the car business. We can get the cars, it’s taking a little longer right now. The used car market we got over four million dollars of used cars,” said Shoquist.

A shortage of semiconductor chips is causing a major dip in the supply of new vehicles across the United States. What this means for the buyer is higher buying prices.

If you are looking to sell your car, Shoquist says the time could not be better.

”You got a used one it’s worth a little more than it was worth six months ago,” he said.

A CNN report says the average price of a used car got up to $25,000 for the first time in June.

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