A recent iSeeCars report found used car prices in Seattle have soared in an unprecedented way due to the recent microchip shortage.
According to the report, the global microchip shortage — which has restricted new car supply — has led to restricted used car supply because fewer people are trading in their used cars. This combination of diminished supply and increased demand has caused used car prices to soar.
iSeeCars found used car prices in Seattle increased an average of 19.7% or $4,698 in April in the wake of the microchip shortage. Nationally, used car prices increased 16.8% or $3,926 compared to last year.
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