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COVID-19: Here's Why Auto Prices Are Expected To Remain High

A shortage of a key part caused by the COVID-19 pandemic is expected to keep automobile prices high until as late as 2023, according to multiple reports.
A shortage of a key part caused by the COVID-19 pandemic is expected to keep automobile prices high until as late as 2023, according to multiple reports. Photo Credit: Photo by Obi Onyeador on Unsplash

A shortage of a key part caused by the COVID-19 pandemic is expected to keep automobile prices high until as late as 2023, according to multiple reports.

Experts say that computer chip shortages caused car prices to increase in the spring, and delta variant cases in countries that produce the computer chips could lead to even longer wait times before prices lower.

Jeff Aiosa, the Connecticut Director of the National Automobile Dealers Association, told WTNH in New Haven that dealers across the United States usually sell more than 17 million new cars, but that number has gone down to 16 million.

Aiosa predicted that shortages will continue well into 2022.

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