FILE PHOTO: Automobiles are shown for sale at a car dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo
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(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.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Amy Caren Daniel)
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