A lack of cars on the market is causing prices for used vehicles to rise precipitously. As the chip shortage causes dealer inventories to shrink and sales rise as consumers come out of lockdown, traditional truths about used car prices are going out the window.
Citing data from Black Book, which tracks car and truck data, the Associated Press reports that used car prices have risen 30 percent in the past year, leading to a scenario where some dealerships are paying more than MSRP for one- to three-year-old vehicles that are in high demand.
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