(PHOENIX)– Consumers looking for new and used vehicles could be in for serious sticker shock. According to the car research site, Edmunds, the average price for a new vehicle in March was $40,563, compared to $38,601 a year earlier. The average price for a used vehicle was $22,663, compared to $20,273 last year.
In Arizona, the average used car price is even higher. A new report by CoPilot finds Arizona is the 9th worst state to buy a used car with consumers paying an average of $23,801.
The major culprit for higher prices is a global shortage in chips, which are essentially the ‘brains’ within every electronic device from car parts to laptops to game consoles. Edmunds predicts the chipset shortage will likely impact pricing and inventory at least through this summer.
Another reason for higher used car prices goes back to the start of the pandemic when dealers put off lease returns. Now that the low-mileage vehicles are returning to the market, consumers faced with fewer new car choices are buying used.
All these numbers add up to reasons many people should stick with their current vehicles. With proper maintenance, many cars can safely and reliably make it to 200,000 miles.
Every day, your Neighborhood Auto Repair Professionals (NARPRO) advise consumers on how to keep their cars running longer while minimizing expenses.
Pay attention to your car
Develop a relationship
Focus on maintenance
Handling repairs when you’re financially strapped
NARPRO (Neighborhood Auto Repair Professionals): The Neighborhood Auto Repair Professionals (NARPRO) helps car owners find skilled and honest car repair shops. NARPRO only recommends independent, family-owned, full-service auto repair shops that have passed 26 rigorous tests. Visit www.NARPRO.com to find recommended shops near work or home. NARPRO is the easiest way to find an honest mechanic in the Valley.