New car shortage could put money in your pocket. The chip or semiconductor crisis, exacerbated by the emergence of the Delta variant of COVID, is hitting the auto industry hard. All over the world, new vehicles are being produced by the drop of a hat. A September report said the chip shortage will cost the industry globally about $ 210 billion this year.
As you might expect, the shortage of new vehicles has had an impact, not only on the prices of new cars but also on the prices of second-hand cars. Only in the month of September, the price in the wholesale sale of used vehicles rose 5.3%. Which means 27.1% more expensive than last year.
For those people who have a second car, which they do not use often, for which they are paying insurance every month, this crisis may be the opportunity to try to sell it at a good price.
Of course, you have to hurry. Because some specialists, like Jonathan Smoke, the chief financial officer of the international consultancy Cox Automotive, predict that the prices of second-hand cars should begin to deflate by the end of this year.
Well, if the idea of getting rid of your used car had crossed your mind, the time to do it is now, that your old transportation gains value. In a month or two, when the market normalizes, prices will return to normal and you will have missed the opportunity. New car shortage could put money in your pocket.
Remember, if you want cheap auto insurance, just call Univista Insurance.
Car shortage could put money in your pocket
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