Used cars are being sold at record high prices thanks to a global semiconductor chip shortage that has reduced the supply of new cars and forced buyers into the secondhand market.

The average cost of a used car hit a record of $25,463 in April, approximately $2,800 more than the price paid by consumers during the same month last year, according to car research firm J.D. Power. This is the first time the average price of a secondhand vehicle has crossed the $25,000 threshold.