© Reuters. FILE PHOTO: Automobiles are shown for sale at a car dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo
(Reuters) – Many U.S. consumers are willing to pay $5,000 more than the sticker price of a new vehicle, as a global semiconductor chip shortage has led to a supply crunch at a time when demand for cars is soaring, a poll by research firm Cox Automotive found.
The chip shortage has forced car manufacturers to idle factories and cut production, which has created a scarcity for new vehicles in the market, sending prices of both new and used vehicles surging.
“More than 40% of car shoppers are willing to pay above manufacturer suggested retail price right now, and those willing to pay over MSRP are willing to accept a 12% premium,” Cox Automotive said on Wednesday.
While vehicle inventory is tight, access to auto loans has become more available for shoppers, further boosting demand, the research firm said.
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