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Used car prices rising due to supply chain shortages

Supply chain shortages are impacting the vehicle market, causing many used vehicles to become more expensive than their new counterparts.

LITTLE ROCK, Ark. — Like most everything else, supply chain shortages are also impacting the vehicle market.

The shortages are limiting the amount of new cars coming out, all while the amount of people looking to get into new rides stays the same. 

As a result, this is now forcing prices to go up and consumers to compromise.

Some local dealers told THV11 that they can barely keep new cars on the lot, with many being claimed before delivery.

Car Choice in North Little Rock said more of their customers are being forced to either wait or buy used.

This demand is then driving up used car prices, making some cars worth more used than they are new. 

New data from ISeeCars.com shows that compared to last year, used car prices are up over 20%, or just over $6,000 on average in Little Rock.

The Toyota Rav 4, Dodge Charger, and Toyota Camry are some of the used cars with the most value and highest price tag when compared to their new counterparts.

Car Choice did tell us if customers are willing to compromise on the vehicle they get, cars are still available. 

"I just want something to get me from point A to point B that's it," a customer who bought a vehicle said.

Unfortunately much like gas prices, Car Choice said they don't expect car sale prices to fall anytime soon.

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