This is a historically terrible time to buy a car.
The entire auto industry has been hobbled for months by the worldwide shortage of semiconductor chips, which has prevented manufacturers from producing enough vehicles to meet the demand from Americans eager to spend their pandemic savings and stimulus checks. As a result, many dealerships are practically barren of inventory, and new rides are fetching record prices.
The cost of used vehicles, meanwhile, has rocketed into the stratosphere, F9-style. On Tuesday, the Department of Labor reported that the retail price of pre-owned cars and trucks jumped a record-breaking 10.5 percent in June, after rising 7.3 percent in May and 10 percent in April. It doesn’t matter if your heart is set on a tricked-out new Ford F-150 or you just want a lightly used Honda Civic to inconspicuously cart you from point A to point B.