Prices rising: Used car market’s prices surge

Published November 8, 2021 5:18pm ET



The most basic rule of economics is supply and demand. When supply goes down, demand goes up along with prices. Customers in the market for used cars are getting a hard lesson in that economic reality. As Doug McKelway reports, the pandemic-induced worldwide shortage of microprocessors has reduced the availability of new cars — leading customers to the used car market, where sticker shock is intensifying.