As the shortage of vehicles continues to worsen, many rental companies are now buying up used cars to rent out. The best time for people to buy or sell their vehicle is now because prices will drastically go up from here.

Auto plants around the world—with Ford, GM, Honda, Mitsubishi, Nissan, Toyota, and VW among the companies affected—are stopping production because there's a global shortage of semiconductor chips.

The chip shortage is expected to have a major impact on the availability of certain car models, as well as price increases. Car shoppers who are looking for a vehicle should be aware that they may find it more difficult to find one in stock at their local dealership and prices will likely increase due to the lack of supplies. Carscom executive editor Joe Wiesenfelder suggests that consumers can take advantage of low-interest rates before the end of 2021 to make sure they have enough money set aside for any future purchase. Dealerships might also be less likely to offer deals while supply is dwindling because demand could outweigh supply soon if there isn't an increased production from suppliers.

With the recent shortage of chips, car companies have had to halt production in North America. Dealerships are anticipating a price increase and less availability of certain models. The lack of supply is expected to worsen over the next two quarters, according to Cars.com executive editor Joe Wiesenfelder. "Consumers in the market of considering buying a car should shop now because choices and prices could worsen over the next two quarters," Wiesenfelder told Insider. Consumers may want to contact their local dealership today for more information about how this shortage may affect them or their family members who are looking for a new vehicle purchase in the near future.

Local car dealer, Ben Mynatt in Concord has extended it’s Buyback and Used Car Sale with a "No Haggle" guarantee until May 31st. Customers can trade-in any make or model automobile and receive an instant buy or sell quote on the spot! Call 704.260.7161 or visit website for availability https://www.BenMynattBuick.net/

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