The future of the frenzied auto market
2021 was a challenging year for the auto industry. A chip shortage and supply chain issues meant that we saw an estimated seven million fewer cars on the market.
And fewer cars means consumers are experiencing a lot of sticker shock. Last year saw record high prices for both new and used cars. In December, used cars cost around 35 percent more than they did at the beginning of 2021.
We take a look at the market today and what it all means for consumers and for the industry in 2022.
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