SALT LAKE CITY — If you’re looking for a new or used car … good luck.
That’s because there’s a shortage here in Utah and worldwide.
That shortage is mainly due to a lack of semiconductor microchips.
READ: Used car buyers are facing soaring prices and fewer choices
In many cases the actual vehicles are available but the chips that power them are not.
That’s due in part to the huge demand for microchips in phones and gaming during the pandemic, and also because some industry analysts say many carmakers simply did not foresee the demand for those chips.
On top of that, there was a fire earlier this year at a Japanese electronics plant that manufactures microchips.
The bottom line: used cars are at a premium.
“It’s hot, it’s really hot,” said Brandon Wilson, General Manager at Ken Garff Honda Downtown. “And the reason for that is, there is that chip shortage so because of the chip shortage there’s a shortage of new vehicles that are available, but there’s plenty of used cars out there to buy.
So people are looking to buy something and that ends up being the used car.”
Some carmakers are even shutting down some plants as the chip shortage issue continues, and there are some in the industry who feel this may be an issue for another year to 18 months.
Wilson says if you can find a car you like, you will likely get top dollar for your trade right now.
