'With lower inventory comes higher prices, with higher prices comes consumers having to travel more.'
A look at the surging inflation for items including food, clothing and cars.Nearly 1 in 10 recent car buyers, according to data from Cars.com, purchased their new vehicle in another state -- with more than half driving at least 25 miles to a dealership.
Many microchip manufacturers halted production during the pandemic, Ivan Drury, senior manager of Insights at Edmunds, told ABC News. Car companies cut back on chip orders while other technology companies bought as many chips as they could.In this file photo taken on September 29, 2020, used cars are for sale at a dealership in Brooklyn, N.Y.
"These are all pretty significant indicators of where we are in terms of the shortage," Mays said."So it really does make sense that consumers are traveling a lot farther to find the car they need."Dealers in major cities like New York, Los Angeles, Chicago and Philadelphia tend to have the most inventory on the Cars.com site, Mays said, but"you wouldn't just want to, like, drive to the middle of the next big city and start looking for car.
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