Used cars prices up 38% in Springfield from last year, also increasing nationwide amid microchip shortage

SPRINGFIELD, Mo. (KY3) – If you’re looking for a used car, around the Springfield-area or elsewhere, you might have to save up a little more than usual for one.

A new study from, automotive research firm, analyzed trends from more than 1.9 million used car sales nationwide in the month of August. CLICK HERE for the study

It found that used car prices in August increased on average by 26.2%, or $6,454, over the past 12 months. The mark is slightly down from a 31.6 percent increase reported in July.

According to a spokesperson, prices in the Springfield, Missouri, area increased on average by 37.9%, or $9,327, over the past year.

The study reported the following findings:

  • The vehicles with the highest price increases are a mix of economy cars and impractical cars.
  • Cars with the smallest price bumps are mainly luxury SUVs.
  • Used car prices came down slightly in August from July, but are still significantly higher than a year ago due to a microchip shortage

According to a recent report from the Associated Press, U.S. new vehicle sales tumbled about 26% in September as a global shortage of computer chips worsened, shuttering factories and limiting the selection on dealer lots.

While the auto plants were shut down last year, computer chip makers shifted production to satisfy wild demand for laptops, gaming devices and tablets. Experts say that created a shortage of automotive-grade chips for vehicles, a problem that might not be fully resolved until next year.

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Copyright 2021 KY3. All rights reserved.

Katherine E. Ackerman

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