ELMIRA, N.Y. (WETM) – While gas remains in high demand, used cars are also being bought up quickly. One year ago when COVID hit, all of the car manufacturers stopped building cars for months, putting a large hole in the worldwide supply of new vehicles.
On top of that we are dealing with a worldwide shortage of computer chips only allowing for fewer new cars to be manufactured. This is directly influencing the amount of used cars dealerships have in their inventory.
“The industry as a whole is building about a half to two thirds of new cars that they normally would. Again, that reduces the number of trade ins so there are very few used cars available. We have them. They come in and they go out very quickly. If we have what you want, today is the day, because it probably won’t be here tomorrow,” said owner Don Ferrario.
Cars arn’t the only business getting hit. Less inventory and higher prices have been reported on everything from groceries to appliances due to the slow down of manufacturing during the coronavirus.